Offshore branch of Caixa Geral de Depósitos in Macau ceases operation

22 February 2018

The Portuguese state-owned bank Caixa Geral de Depósitos (CGD) ceased to have an offshore branch in Macao, under an executive order of the Chief Executive, Chui Sai On, dated February 8 and Wednesday published in Bulletin Official.

The executive order revokes the authorization granted by executive order of 2013 so that the bank could establish an offshore financial institution in the form of a branch in the Macao Special Administrative Region.

The chairman of CGD’s Board of Directors, Paulo Macedo, announced in September 2017 in Macao that the local branch would be closed.

Meanwhile, Pedro Cardoso, chairman of the executive committee of the Caixa Geral de Depósitos group, will cease to head the financial institution and will be replaced by Carlos Cid Álvares, according to local press.

At the age of 59, Carlos Cid Álvares served until November 2017 as the Chairman of the Board of Directors of Banco Popular Portugal, where he had been working since 2011.

Pedro Cardoso, who remained at the forefront of Banco Nacional Ultramarino’s destiny for almost seven years, managed to increase the institution’s profit from 373.1 million patacas in 2010 to 706 million patacas in 2017.

It was also during his tenure that the NBU revitalized the representative office in Shanghai and opened a branch in Hengqin, an island adjacent to Macao. (macauhub)