BNU Macau well placed to link China to Portuguese-speaking countries

Banco Nacional Ultramarino is a particularly well-placed bank to promote the commercial relationship between China and the Portuguese-speaking countries, the chairman of the Portuguese state-owned financial group Caixa Geral de Depósitos (CGD) said in Macau on Wednesday.

Speaking at a meeting commemorating the 100th anniversary of BNU, Macau’s oldest banking institution, Paulo Macedo recalled that BNU is part of the CGD group, whose bank is present in seven of the eight Portuguese-speaking countries, and is the market leader in five of them – Portugal, Mozambique, Cabo Verde (Cape Verde), Sao Tome and Principe and Timor-Leste (East Timor).

Macedo pointed out that most of the trade relationship with the Portuguese-speaking countries takes place in China and said that BNU, which recently opened a branch on Hengqin Island and has a representative office in Shanghai, “is once again, particularly well-placed to play an active role in promoting trade relations between China and the Portuguese-speaking countries.”

BNU Chief Executive Pedro Cardoso said the main challenge “in an immense market” like China, in the process of internationalisation and expansion, is “knowing how to choose carefully both immediate opportunities and those in the medium and long term.”

Cardoso said that the great Chinese “Belt and Road” infrastructure project, insofar as it includes the Portuguese-speaking countries, especially in Africa, “is a very big opportunity for the CGD group and the BNU.”

In addition to Macau’s Chief Executive, Chui Sai On, the meeting was attended by Macau’s Secretary for Economy and Finance, Leong Vai Tac, the director general of the Economic Affairs department of China’s government liaison office, Liu Bin, a representative of the Chinese Foreign Ministry, Zhang Jian, and the Portuguese Consul General, Vitor Sereno, among other personalities. (macauhub)