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Carlos Álvares, BNU CEO

The diversification of Macau’s economy centered on relations with Portuguese-speaking countries is essential if the territory is to find its place in the Greater Bay Area, said the chief executive officer of Banco Nacional Ultramarino (BNU).

Carlos Cid Álvares said that Macau should be a facilitator of business between China and Portuguese-speaking countries, “which allows it to maintain the relevance that this cultural heritage gives it.”

The BNU chief executive pointed out that financial services are one of the key aspects to be considered in the success of Macau as a service platform between China and Portuguese-
speaking countries.

Stressing that Hong Kong is a world-class financial center, Álvares said that in order to stay relevant Macau has to focus on the offer of distinct services to a business niche that its characteristics allow it to  attract.

“It is very important to develop and deepen this component because it is necessary for companies to see Macau as an integrated service center, where they can find the most suitable financial instruments for their expansion into the area of the Greater Bay, as well as in the Portuguese-speaking countries,” he said.

Speaking specifically of his own bank, he pointed out that the BNU has an increased responsibility in supporting Macau’s development as a financial platform between China and Portuguese-speaking countries.

“Not only because it is one of the two issuing banks, but also because Macau’s growth and prosperity are inextricably intertwined with those of the bank,” he said.

Álvares recalled that BNU was the first commercial bank in Macau. Its goal has been to serve the local population and companies, but also the companies and business people who wish to set themselves up here, providing all necessary support to their operations in Macau and abroad.

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