Authorization request by Banco Sino-Atlântico yet to be analyzed

The authorization process of Banco Sino-Atlântico, owned by Macau businessman David Chow, has yet to be analyzed and decided upon because the application is incomplete, the Bank of Cape Verde (BCV) said in a statement released on Tuesday.

The Cape Verdean central bank has disputed claims published in the press last week that “the BCV is at present making itself an insurmountable obstacle to the founding of the Banco Sino-Atlântico.”

In a statement, the BVC said, “Unlike what was said in the report, the authorization process of Banco Sino-Atlântico is incomplete, as it does not contain all the legally required elements, which is why, to date, it has not been possible to analyze it or for a decision to be made by the Banco de Cabo Verde.”

The BCV said that the original application was submitted by the promoter on February 16, 2017, with numerous official and material shortcomings and that, after a quick examination, the bank replied to the interested party on March 2, informing them of the incomplete state of the documentation.

“The shortcomings of a strategic, economic, operational and prudential nature that do not make it possible to assess the sustainability of Banco Sino-Atlântico project were pointed out,” the central bank said.

About five months later, the promoter provided some of the missing elements, pledging later to add the others, which are essential for the conclusion of the analysis. This never occurred, despite the BCV reiterating the need to send the missing items in November 2017.

“This is not an issue of obstruction, as Bank of Cabo Verde is simply carrying out its responsibilities and functions as a regulator and supervisor,” it said.

The statement further clarified that the BCV reserves the right to refuse authorization when an extensive set of requirements is not met, particularly when the application for authorization is not accompanied by all necessary information and documents.  MDT/Macauhub