Ronald Kan
BNU’s initial plan to open a branch on Hengqin Island features support services for Macau corporate entities interested in doing business there, said the bank’s executive director Ronald Kan. He confirmed that BNU is looking to open a branch on Hengqin Island in the second half of 2016.
On the sidelines of a ceremony to launch the bank’s triple currency credit card yesterday, Mr Kan clarified that BNU is still in talks with mainland and Macau authorities about the possibility of opening a branch in Hengqin.
The bank already owns a representative office in mainland China, and thus would be allowed to directly open a branch in Hengqin without having to first open a representative office.
“BNU set up a representative office in Shanghai about ten years ago (…) so when we were in talks with authorities [we concluded that] they consider that enough. Hopefully our branch will be approved and launched in the second half of next year,” he said.
Mr Kan recalled that, “we have seen many Macau companies moving to Hengqin, so they’re very interested [in our plan]. BNU sees this potential, and we are applying to set up a branch there. So our aim is to support Macau industries in their moves across the border.”
BNU’s initial business plan focuses on supporting the corporate entities of Macau. “We are not being too aggressive, saying we would like to move everything to Hengqin overnight. We prefer to go step-by-step, but do it safely and comfortably,” he promised.
He stressed that BNU is required to follow China’s banking laws and liaise with authorities in Macau and the mainland, in particular with China’s Banking Regulatory Commission.
Hengqin is now BNU’s focus, while its Shanghai operations will remain as they currently are. According to Mr Kan, the bank has no plans to turn the representative office into a branch.
Asked whether the bank has to go through a similar process to set up a branch at the University of Macau’s Hengqin campus, Mr Kan clarified that they’re not required to follow an application process but that UM management has to give their green light to the project.
“The Hengqin campus is under Macau’s jurisdiction, so we don’t need [to make any] special arrangements to open a branch there. BNU holds a very strong interest in setting up a branch there but it’s not a decision that can be made solely by BNU,” he recalled.
Mr Kan added that if UM management allows them to open a branch they will not hesitate to move forward.
“We are still in talks but there’s no application process involved. It’s not because we’re having difficulties, but because they have procedures that they need to follow,” he conceded.
China’s economic turmoil is unlikely to have a great impact on BNU since the bank has no investments in the mainland, according to Mr Kan. He concluded by saying, “We are not being affected. Customers that do have investments in China or Hong Kong may have their fingers burned, but it’s too early to tell.”
BNU launches triple currency credit card
Banco Nacional Ultramarino (BNU) and UnionPay have launched a triple currency credit card specifically designed for customers who often travel between Macau, Hong Kong and mainland China, as well as to overseas countries.
“It is the only ‘triple currency’ credit card in Macau allowing cardholders to spend [their money] in mainland China, Macau and Hong Kong and settle in RMB, MOP, and HKD respectively,” BNU said. Moreover, foreign transaction fees on spending in all other overseas countries are waived.
According to a statement made by Carlson Li, general manager of UnionPay, at BNU’s press conference yesterday, the bank is a good partner and the tripe currency credit card will significantly improve cardholders’ experiences.
BNU’s executive director, Ronald Kan, highlighted some of the card’s advantages: “when customers use their cards in mainland China and Hong Kong, spending is billed in RMB and HKD respectively, thus eliminating all exchange rate fluctuation.” Furthermore, he said that customers who hold a RMB, MOP and HKD bank account could use a simple auto-pay method to settle their credit card bills.
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