Macau’s Chief Executive has authorised the establishment and operation of the Macao Development Bank, called in Chinese 澳門發展銀行股份有限公司 and Banco de Desenvolvimento de Macau in Portuguese, according to the region’s Official Gazette.
The executive order determines that the capital stock of the Macao Development Bank cannot be less than 1 billion patacas (US$125 million).
Date 21 September, 2018, the executive order will enter into force on the day after its publication, which occurred on 3 October, 2018.
It further determines that the new bank must adopt the articles of association approved by the Macau Monetary Authority and carry out its activity within the framework of the provisions of the Legal Framework of the Financial System, approved by Decree-Law no. 32/93 of 5 July. (macauhub)