BNU bank opens branch on Hengqin Island

19 January 2017

The Banco Nacional Ultramarino (BNU) banks since Wednesday has a branch on the island of Hengqin, in Zhuhai municipality, that it is “an innovative step in strengthening economic cooperation between Guangdong and Macau,” in the words of Pedro Cardoso, the bank’s chief executive.

Cardoso stressed in his speech that the BNU is the first Macau bank to open a branch in mainland China, and is the first bank authorised to make transactions in Renminbi and is the representative of the first international banking group to open an office in the Hengqin Free Trade Zone (HFTZ).

The chief executive of the BNU, which will celebrate its 115th anniversary this year, recalled that the bank is part of state Portuguese financial group Caixa Geral de Depósitos (CGD) which is present in six Portuguese-speaking countries, as well as Portugal, and is the market leader in five of them.

“The BNU, through its connection to the CGD group can support Macau enterprises to expand their business in the Portuguese-speaking countries, to promote closer cooperation between Macau and Guangdong Province and support Macau as a service platform for economic and trade cooperation with Portuguese-speaking countries,” said Cardoso.

The opening ceremony of the Hengqin branch, whose manager is Raymond Fong, was attended by a number of Macau officials, including Secretary for Economy and Finance, Leong Vai Tac and officials from China.

The HFTZ is located across from Macau in the city of Zhuhai and was opened by the Chinese government as a new economic development hub in Guangdong province.

The BNU, which currently has a third of Macau’s population as its customers, was the first issuing bank in the territory, a role it now shares with the Bank of China. (macauhub)