Bank of China to set up Macau unit with $1.62b in capital

Macau, Skyline

The Bank of China announced in a Tuesday filing that it was planning to set up a wholly-owned subsidiary in Macau, with a total capital contribution of MOP13 billion ($1.62 billion). The bank has already received permission from both Chinese and Macau regulators.

The new subsidiary is expected to work with the current Macau branch to “produce a synergy, which will construct a comprehensive service system that targets the Macau government, large domestic and foreign companies, local residents and SMEs”. The business scope “covers services and products in many fields as diverse as commercial banking, asset management, insurance, fund, investment and trust”.