32
Economy & Finance
of the main growth drivers for the bank will be yuan banking services. “As time goes by and the liberalisation of yuan
trading increases,
this will be a sector which will post a fast growth,” he predicts.
Staying on track Mr Santos was appointed as BNU’s head two months ago, replacing the retiring Hercu- lano de Sousa. Mr Santos had been the bank’s deputy chief executive for 11 years. Although there is a new
Staying strong
has enjoyed a good fi rst half of 2010 and is bullish about the bank’s future on the back of a 10-year renewal
of its note-issuing agent bank status BY EMANUEL GRAÇA
be a year to remember. The bank has a new chief and has posted strong fi rst half results that it forecasts will continue half.
B into the second
“We had a very good fi rst semester and we expect
OCTOBER 2010 anco Nacional Ul-
tramarino (BNU) is expecting 2010 will
to fi nish the year with results above last year’s perform- ance,” says bank chief ex- ecutive Artur Santos, without disclosing fi gures. According to the bank’s parent company, Portugal-based Caixa Geral de Depósitos, BNU’s loans and advances to customers in the fi rst half of 2010 were 15.7 percent higher
than in
the corresponding period of last year. BNU made a profi t of
MOP320.1 million last year, down 9.65 percent on the result from 2008. The drop was due to lower interbank interest rates and a contrac- tion of credit demand due to the global fi nancial crisis. Mr Santos says that one
BNU’s new chief says the bank
chief in place, do not expect big changes at BNU. “We will continue following the same policies we adopted in the past, making, of course, the needed adjustments ac- cording to Macau’s economic development and to the re- quests of our customers,” says Mr Santos. BNU has no plans to ex-
pand its network. The bank has 14 branches in Macau and around 430 employees.
Printing money BNU has been one of Macau’s note-issuing banks for many years, a title it will keep after signing a new deal with the government to extend its con- tract until October 2020. The Macau branch of
the Bank of China, the other note-issuing bank, also had its contract extended for a decade. Both
banks will
have the right to issue equal amounts of notes. The government
struck the present note-issuing
agreements during Portu- guese rule. These 15-year agreements were due to ex- pire this month. BNU founded its fi rst
Macau branch in 1902. Three years later,
the government
reached an agreement with the bank whereby BNU was authorised to print and is- sue notes in MOP1, MOP5, MOP10, MOP25, MOP50 and MOP100 denominations.
Photo: Luís Almoster |
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