Macau branch of Novo Banco becomes Well Link Bank

8 November 2017

New Macau bank, Well Link, opened on Tuesday at a ceremony held at the premises of the Bank of China, with Chief Executive Zhang Shengman announcing the opening of other branches “in good time” the local press reported.

Zhang Shengman , quoted by Radio Macau, said that, for now, the aim is to work to stabilise the banking institution, adding that it would also be a bridge from the region to the Portuguese-speaking world.

The Well Link Bank’s shareholders are the Well Link group, with 26%, Portugal’s Novo Banco which is keeping a 25% stake, the Ma family with 15% and the KingKey Group, from Shenzhen, also with 15%.

The chairman of the Board of Directors is also a shareholder, with a stake of 10%, with the remaining 9% distributed among other investors.

The Well Link Bank has capital of 200 million patacas which should be increased over the next few years, and Novo Banco is then expected to reduce its stake.

The sale of 75% of the capital of the Macau branch of NOvo Banco, the bank that inherited the quality assets of bankrupt Banco Espírito Santo, to Well Link Group Holdings Limited, of Hong Kong was completed last May.

In a statement filed with the Portuguese Securities Market Commission (CMVM), Novo Banco said it had sold the stake in the Macau branch for 145.8 million euros.

Well Link Group Holdings Limited, founded in November 2015 is not listed on the stock exchange, and is controlled by a group of investors with interests in insurance broking, financial services directed to individuals and companies, brokerage of securities and futures and asset management. (macauhub)