Portugal’s Banco Espírito Santo sells financial services in Chinese currency

30 October 2013

Portugal’s Banco Espírito Santo (BES) is the first Portuguese bank to offer a range of products in Chinese currency (yuan), with the aim of “making it easier for customers to enter” the Chinese market, the bank said in a statement.

“It is possible from today for Portuguese companies to pay or receive funds from the imports or exports in yuan, and have the possibility of keeping their current accounts and deposits in that currency,” the statement said.

The number of Portuguese companies that currently export to China, including Hong Kong and Macau, totals 2,087, and there are 7,457 Portuguese companies that import goods from the Asian giant, according to figures published by BES.

From now on, the companies that have trade relations with China can reduce the inherent risks of international trade transactions by “making their transactions secure,” the bank noted.

Banco Espírito Santo has been in the Asian market for over 16 years through BES Oriente, which is headquartered in Macau, and a representative office in Shanghai. (macauhub)