Xiangzhou District, Zhuhai

Banco Nacional Ultramarino (BNU) Hengqin, the first Macao bank to branch out in the Chinese mainland, opened on Jan 18.

Established in 1902, BNU has become the largest Portuguese-funded bank locally. The branch will benefit from the Closer Economic Partnership Arrangement (CEPA) and CEPA Agreement Between the Mainland & Macao on Achieving Basic Liberalization of Trade in Services in Guangdong. It will be able to do business in RMB on opening day. 

BNU Hengqin Branch opening ceremony [Photo by Li Jianshu / Zhuhai Daily]

The bank is part of the Caixa Geral de Depósitos (CGD) Group, which is a nationalized Portuguese bank and one of Europe's largest financial institutions. With a history of 141 years, it has become a leading enterprise in seven Portuguese-speaking countries including Brazil, Portugal, Angola, Mozambique, Sao Tome, and Cape Verde. 

The Hengqin branch will promote financial cooperation between China and Portuguese-speaking countries, as well as between Guangdong and Macao. It will also facilitate the construction of Macao’s Sino-Portugal financial service platform and RMB clearing center, according to an official from the Monetary Authority of Macao.