Authorisation request by Banco Sino-Atlântico yet to be analysed as it is not complete

28 November 2018

The authorisation process of Banco Sino-Atlântico, of Macau businessman David Chow, has yet to be analysed and decided upon due to the fact that it is incomplete, the Bank of Cabo Verde (BCV) said in a statement released on Tuesday.

The Cape Verdean central bank reacted to news published in the press on Monday that “the BCV is at present making itself an insurmountable obstacle to the founding of the Banco Sino-Atlântico.”

“Unlike what was said in the report, the authorisation process of Banco Sino-Atlântico is incomplete, as it does not contain all the legally required elements, which is why, to date, it has not been possible to analyse it and for a decision to by made by the Banco de Cabo Verde,” the statement said.

The BCV said that the original application was submitted by the promoter on 16 February, 2017, with numerous official and material shortcomings and that, after a quick examination, he replied to the interested party on 2 March, informing them of the incompleteness of the documentation.

“The shortcomings of a strategic, economic, operational and prudential nature that do not make it possible to assess the sustainability of Banco Sino-Atlântico project were pointed out,” the central bank said.

About five months later, the promoter provided some of the missing elements, pledging later to add the others, which are essential for the conclusion of the analysis. This never occurred, despite the BCV reiterating the need to send the missing items in November 2017.

“This is not an issue of any obstacle, as Bank of Cabo Verde is simply carrying out its responsibilities and functions as a regulator and supervisor,” it said.

The statement further clarified that the BCV reserves the right to refuse authorisation when an extensive set of requirements is not met, particularly when the application for authorisation is not accompanied by all necessary information and documents. (macauhub)