The Mountain Pioneer

I had the opportunity to attend the opening of the Banco Nacional Ultramarino (BNU) Branch on Hengqin Island last Wednesday.
It is, as well pointed out by Mr. Pedro Cardoso, CEO of BNU, the first Macau bank to have a presence there, the first one to be authorized to trade in Chinese yuan and the first international bank to have a presence in the Free Trade Zone of Hengqin.
The establishment of the bank will help, first, the Macau companies and individuals who already have their accounts with BNU (around one third according to Mr. Cardoso), as well as other players of the Portuguese-speaking countries.
It is an outstanding achievement of the Portuguese bank, which is having a tough time with its parent bank’s management.
Nonetheless, BNU in Macau is synonymous with excellence, and the expectations are that this will continue to be the case on the other side of Cotai.
For those who have never visited Hengqin, it is important to understand that the new development area will have sustainability, space, well-designed and managed traffic, and a new concept of a green city. Everything that Macau should have been after 2002 is there as an example. It is never too late to take on best practices, and the hope is that Macau officials will understand that in time to make our city great.
It is extraordinary that for the banking business, we have people with the vision of the Executive Committee of BNU in the person of Mr. Cardoso, who, after a few years in the office can speak fluent Mandarin, something that all of us should take as an example. Language is still a barrier for some of our residents, and that should change with future generations.
Initiatives such as those of BNU give value to the Portuguese State, the sole shareholder of Caixa Geral de Depósitos, who in turn is the owner of BNU.
For the Monetary Authority of Macau, it seems that this pioneer will have followers, as there might be more institutions in the pipeline to open an office on our neighboring island. The integration of 2049 has started and Macau residents and corporations will perceive that and look to Hengqin as a new opportunity that will not come again in their lifetimes. Are their minds prepared for it? Well, the Government will provide the conditions for it to be a success, the same way the Mainland Government seems to.