Macau businessman David Chow applied to start a new banking institution in Cape Verde, he announced last week while visiting the African country. Chow possesses several projects in the nation.
According to Chow, quoted by Lusa news agency, the request to start a new bank was submitted last week to the Cape Verdean Central Bank (BCV).
During Chow’s tour to Cape Verde, he presented a revamp to the Ilhéu de Santa Maria/Gamboa tourism project, which he is promoting in the city of Praia.
Chow’s idea to create the so-called Sino-Atlantic Bank was voiced in at least June of last year, when the leader of Macau Legend Development Group signed a memorandum of understanding with the Cape Verdean government to create the banking institution, but the BCV have denied receiving any such request from Chow.
At that time, the memorandum noted that the company should submit the project and authorization to BCV within a six-month period.
According to the proposal, the new financial institution aims to contribute to the development of the financial system of the Republic of Cape Verde, by supporting small and medium-sized enterprises (SMEs) in the country, as well as by facilitating local and international payments.
If it moves ahead, the project will significantly expand Chow’s business portfolio in the country where he is also building a resort, which includes a marina, an exhibition and convention center, and a casino collectively worth around MOP2.5 billion. The projects are expected to conclude some time next year.
The changes now promoted by Chow to the projects are related to both the hotel and casino projects.
In the hotel, a single building will replace the initially planned “bungalows,” and regarding the casino projects, he has abandoned the idea of building an artificial island to hold the casino, which will now instead be anchored on the islet of Santa Maria.