Stanley Ho’s Seng Heng Bank partners with Portuguese bank Group

Written on July 27, 2006 by a2zMacau

Portuguese bank group Caixa Geral de Depósitos plans to take part in the financial platform due to be set up in Macau by the Seng Heng Bank, owned by businessman Stanley Ho, Portuguese financial daily Jornal de Negócios reported.

The partnership between the two banks was confirmed by a Caixa Geral spokesperson, who added that the two banks has already set up a working group to look into joint projects.

The same paper said, without citing sources, that the aim of the partnership was to boost business opportunities in China, a country which has been increasing its economic ties with Portuguese-speaking countries, particularly Angola and Brazil.

The partnership between the two banks was confirmed by a Caixa Geral spokesperson, who added that the two banks has already set up a working group to look into joint projects.

The same source declined to give details of the agreement.

At the end of June, Ho opened a Seng Heng representational office in Lisbon.

The aim, as described at the time, was to make Lisbon a “bridge” for business in China, via Macau, and to Portuguese-speaking Africa and South America.

Ho has also been increasing his presence in the Angolan and Mozambique banking markets.

Recently, Stanley Ho announced he would open a bank in Angola focused on serving the Chinese population, businesspeople and companies operating in Angola, called Banco Angolano de Negócios e Comércio (BANC).

The Mozambican press recently reported that Geocapital, a company owned by Ho, is negotiating the acquisition of 62 percent of Mozambican bank, Banco de Desenvolvimento e Comércio (BDC), which may take place in August.

Daily newspaper, Canal de Moçambique reported that Geocapital would replace Portuguese bank Montepio Geral in BDC’s shareholder structure and the acquisition aimed to support financing of projects in the Zambezi Valley, which Geocapital is promoting.

Caixa Geral de Depósitos operates in Macu via Banco Nacional Ultramarino (BNU), and in June opened a representational office in Shanghai.

It is also due to begin investment and corporate banking activities in Brazil, and to set up a retail bank in Angola, in partnership with Banco Totta, owned by Spain’s Santander group. (macauhub)