The Bank of Portugal has authorized the establishment of a branch of Haitong Bank, S.A. in the People's Republic of China, Macau Special Administrative Region, on the basis of the terms of the submitted proposal.
The beginning of the activities of the branch is still dependent on the conclusion of the authorization process by the competent Macau Authorities.
The establishment of this branch will represent a key event in the development of the Bank's cross-border strategy, allowing for a strengthening of business with China and enhanced coordination with the remaining Haitong Group.
Mr. Wu Min, the Bank's CEO, stated: "The establishment of the Macau branch will allow Haitong Bank to reinforce one of its differentiating elements, which is based on the access to the business flow from China. Haitong Bank has a very clear strategy that combines its local experience in domestic markets in Europe and Brazil with deep knowledge of the Chinese market. The Bank’s presence in Macau signals the progress and momentum of our strategy."