Banco Comercial Português and ICBC renew cooperation agreement

16 May 2018

The cooperation agreement that Banco Comercial Português (BCP) has with the Industrial and Commercial Bank of China (ICBC) since 2010 was renewed in Beijing, the Portuguese bank said in a recent statement.

The statement added that it is expected that “business opportunities will arise in areas such as payments, increased flows in yuan and euros and customer service to conduct business,” and also provides for “the establishment of reciprocal cooperation in terms of companies, project finance & syndication, mainly focused on Portugal, Africa and Latin America.”

BCP admitted in one of the documents that will be voted on at the bank’s General Meeting on 30 May it is very interested in expanding to Asia.

“Along with its European activity, BCP also operates in Africa (through Millennium BIM in Mozambique and Banco Millennium Atlântico in Angola) and is planning to develop new business locations and opportunities in Asia, particularly in China, where it already has a branch in Macau and a representative office,” the document said. (macauhub)