31
Millennium BCP goes retail
opened a Macau branch late last month after operating in the territory through a local offshore subsidiary. A retail license was granted in May. The bank plans
P
to focus on the corporate market, providing loans to companies, institutions or individuals that plan
to do business in African countries such as Angola and Mozambique. The local branch has eight employees but intends on
doubling that number in two years, director José João Pãozinho told Portuguese news agency Lusa. Mr Pãozinho said business was “going very well so far
and profi ts should increase around 20 percent”. Millennium BCP’s offshore subsidiary posted a profi t of MOP48.7 million (US$6 million) last year. Millennium BCP is the biggest private Portuguese bank, with 4.3 million customers and 900 branches around the world.
Banks want in on bond market
S
ome” local banks have told the monetary authority they are interested in investing in the mainland interbank
bond market, the president of Macau’s de facto central bank, Anselmo Teng, told reporters. Mr Teng, however, did not mention any names. The People’s Bank of China, the mainland’s central
bank, recently launched a trial programme in August that will permit overseas institutions, including Macau lenders, to invest in the mainland interbank bond market. The move is designed to promote yuan cross-border trade settlements.
also not expected to face diffi culties
in complying
with Basel III requirements. The regulator there says the new rules will not have a signifi cant
ers in the former British colony. “Many Hong Kong
banks already have a capital ratio that is higher than the new Basel III requirement,” said Arthur Yuen Kwok- hang, deputy chief executive of the Hong Kong Monetary Authority. “As such, I do not
impact on lend-
think banks in Hong Kong will be under pressure to raise capital over the next few years.” The Basel III agreement
has caused little trouble for Asian banks where capi- tal levels are typically well above the minimum stand- ards set. In Europe and the United
States, the new rules are like- ly to cause more pain, with many top banks expected to raise funds to meet the new requirements.
OCTOBER 2010
ortuguese bank Millennium BCP
daily business It’s your
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