Asia > Eastern Asia > Macau > Macau’s BNU to open bank branch on Hengqin Island

Macau: Macau’s BNU to open bank branch on Hengqin Island

2015/08/29

Banco Nacional Ultramarino has applied to authorities on mainland China for authorisation to open a branch on Hengqin Island, the bank’s executive director Ronald Kan Cheok Kuan said on Thursday in Macau.

BNU is negotiating the opening of a campus bank branch with the University of Macau, whose facilities were transferred from Macau’s Taipa Island to that island in neighbouring Zhuhai municipality, Kan said.

The bank’s executive director specified that the application to open the Hengqin Island branch aims to allow BNU to be present on the island so it can support Macau companies that do business on the other side of the border.

“If everything goes well, the branch, BNU’s initial on mainland China, will begin operating in the second half of 2016,” he added.

BNU opened a representative office about ten years ago in Shanghai. Kan said the mainland China authorities were expected to authorise the opening of a Hengqin branch.

Banco Nacional Ultramarino presented on Thursday the new BNU UnionPay three-currency credit card, the only existent card that allows cardholders to spend in Macau, Hong Kong and mainland China, making respective payments in patacas, Hong Kong dollars or yuan and thereby avoiding foreign exchange variations.

BNU is a banking institution controlled by Portugal’s national-owned Caixa Geral de Depósitos group. It has existed since 1902 in Macau, where it is currently one of the two pataca note-issuing banks along with the Bank of China.

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