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On the right track

Millennium BCP Macau general manager agrees with investor’s direction to expand operations

Triangular operations between Mainland China, Macau and Portuguese-speaking countries is the most strategic sector at the moment, the Millennium BCP Macau branch General Manager, José Pãosinho, told Business Daily.
The statement is a response to our enquiry on the recent announcement by the Chairman of Chinese investment group Fosun Industrial Holdings Ltd., Guo Guangchang, who says his company will promote the development of Banco Comercial Português SA (Millennium BCP) operations in Macau and Mainland China.
The Chinese group currently owns 24 per cent of the Portuguese bank that controls Millennium BCP Macau.
“The statements by Mr. Guo match our main strategy in the past years. The most strategic sector at the moment is triangular operations between Mainland China, Macau and Portuguese-speaking countries, especially the import and export operations with Angola,” Mr. Pãosinho told Business Daily.
However, neither the Fosun Chairman nor Mr. Pãosinho offered precise details on how that development might proceed.
The general manager of Millennium BCP Macau General also said the bank still maintained good “return on equity” and a good ranking position in the local banking sector although it finished 2016 with a 17.6 per cent year-on-year decline in profits of MOP165.7 million (US$27 million).
“In 2015, we were in 8th and now we’re in 10th. We’ve had a defensive attitude in our credit portfolio and we’ve slowed down [our] activities (…) We still plan to expand our trade financing activities and slow down our syndicated loans; it’s just how we read the economy at the moment,” he added.