The Bank of Portugal approved the plan of Haitong Bank, formerly Banco Espírito Santo Investimento (BESI), to open a branch in the Macau Special Administrative Region, an official from the Haitong group said on Friday.

The launch the Haitong Bank branch in Macau depends on the completion of the authorisation process with the Macau authorities, including the Macau Monetary Authority.

The group official, quoted by Portuguese weekly Expresso, said that opening the branch is part of the “development of the bank’s cross-border strategy, allowing the strengthening of business with China and greater coordination with the rest of the group.”

Wu Min, chairman of the Hong Kong-based bank’s executive board, said that the “opening of the Macau branch will allow Haitong Bank to strengthen one of its differentiating elements, which is based on access to business with China.”

“Haitong Bank has a very clear strategy that combines its local experience in domestic markets in Europe and Brazil with a deep knowledge of China, so a presence in Macau is a fundamental pillar of this strategy,” said Wu Min. (Macauhub)