ABM to bring alliance between local and Lusophone banks
The Macau Association of Banks (ABM) aims to bring a proposal that establishes an alliance between Macau banks and those of the Portuguese-speaking countries to an upcoming meeting of the Business Confederation of the Community of Portuguese-Speaking Countries (CE-CPLP), Portuguese business newspaper Jornal de Negócios reported citing ABM vice-president Sam Tou’s interview with Lusa.
According to ABM’s vice president, the meeting, to be held online, will take place mid-April and will be the opportunity the association has been waiting for to launch the idea of linking the banking sector of Macau with the Portuguese-speaking countries.
This idea comes from the creation of ABM, where the board of directors had previously decided on forming a committee exclusively dedicated to financial services between China and the Portuguese-speaking markets, led by Banco Nacional Ultramarino (BNU).
The committee also includes the Bank of China’s Macau branch, the Well Link Bank, and the Macau branch of Haitong Bank, the successor to Banco Espírito Santo Investimento, the local branch of the Portuguese bank Millennium BCP, the branch of Industrial and Commercial Bank of China (ICBC) in Macau, and the local branch of the Hong Kong-based CMB Wing Lung Bank.
ABM has been a member of the CE-CPLP since June 2020 and took part in its first meeting with the group in February this year.
According to Tou, the establishment of this banking alliance is dependent on the acceptance of the proposal by the CE-CPLP members, noting that the ABM has been working closely with its contacts in Portuguese-speaking countries to gather support for this project.
If successful, the alliance could favor the support of the launch in China of financial products from Portuguese speaking countries as well as offer financial services to Chinese companies interested in investing in Portuguese-speaking markets.
Ultimately, the alliance would “contribute to Macau’s role as a commercial and service platform between China and Portuguese-speaking markets,” said Tou noting the role attributed to Macau by the central government is also one of ABM’s missions.
The same official also recalled that since May 2019, the association has signed a cooperation agreement with associations of banks in Portugal, Mozambique, Guinea-Bissau, and São Tomé and Príncipe to reinforce cooperation and establish stronger ties.
