Overview of Banks in Macau
The economy of Macau traditionally has been focusing upon Gambling and its related activities. Howsoever, being its strategic location for leisure and tourism a remarkable improvement and progress have been made in other avenues of its economic diversification which has now allowed the banks operating in Macau for expansion of their resources towards investment in several industries. Macau has 27 licensed banks out of them, four headquartered are in the Macau SAR. The local banking sector of Macau is offering extensive financial support to several sections of the community and at the same time, it is also contributing towards its overall development of infrastructure.
Macau is termed as an offshore financial center which has been labeled as a tax haven where there is a free port and further there are no restrictions on the regimes that are related to FOREX. The financial business is supervised and regulated by the renowned authority which is the Monetary Authority of Macau and whereas the Macau trade & Investment Promotion Institute manages and controls the section of the Offshore non-finance business.
Macau is growing at a faster and rapid pace for urbanization and development, the banking sector of Macau will be required to match the other banks that are established banking hubs of Singapore and Hong Kong.
Top 10 Banks in Macau
Here is a list of the top 10 Banks which are as follows:
1. Bank of China
Bank of China was founded in 1950 and is also the largest bank in Macau by assets. It is one of the largest overseas branch for Bank of China. It has handled around ¥19.47 trillion of the total assets. Bank of China had generated net interest income around ¥338.39 billion in the year 2017. In the same year, the net income of the Bank of China was around ¥184.99 billion. It employs around 1,600+ employees.
2. ICBC (Industrial and Commercial Bank of China) Macau
ICBC (Industrial and Commercial Bank of China) Macau is the 3rd largest locally incorporated bank in Macau. The Bank offers a wide range of services like Syndicated Loans, Trade Finance, Pre-settlement, Investment Banking, Credit Card acquiring and Cash Management activities. It has handled around RMB28.20 trillion of the total assets. ICBC (Industrial and Commercial Bank of China) Macau had generated net interest income around RMB146.01 billion for the September quarter ended 2018. In the same quarter, the net income of ICBC (Industrial and Commercial Bank of China) Macau was around RMB79.46 billion. It employs around 500+ employees.
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3. Tai Fung Bank
Tai Fung Bank is the top bank in Macau and was founded in 1942 which was initially named as Tai Fung Money Change and in the year 1972, it adopted the name Tai Fung Bank and later it went on to become the 1st local bank of Macau. Later in the year 1984, it became Bank of China’s subsidiary and it has around 11.2% market share. It has handled around MOP142.90 billion of the total assets. Tai Fung Bank had generated revenue of around MOP2.04 billion in the year 2017. In the same year, the net income of Tai Fung Bank was around MOP1.72 billion.
4. Luso International Banking
Luso International Banking was first established in 1974 and subsequently, it became Xiamen International Bank Co. Ltd (XIB)’s subsidiary in 1985 and that was 1st joint ventured bank in China. Luso International Banking provides trade financing, personal banking, and consumer and corporate banking services. The bank reports MOP68.50 billion in total assets. It employs around 400+ employees over 13 branches.
5. Banco Nacional Ultramarino
Banco Nacional Ultramarino was a Portuguese bank which was incorporated in Lisbon, Portugal in the year 1864 by operating throughout the world and majorly in Portugal’s overseas provinces. In the year 2001, BNU was merged with Caixa Geral de Despositos and then later it was ceased as being an independent legal corporate or a separate entity. Besides Bank of China, this is the only other bank that is authorized to issue Macanese Pataca bank notes. The Bank has handled around MOP66.60 billion of the total assets. Banco Nacional Ultramarino had generated net interest income around MOP771.56 million in the year 2017. In the same year, the net income of Banco Nacional Ultramarino was around MOP616.31 billion.
6. OCBC Wing Hang Bank
OCBC as known as Oversea-Chinese Banking Corporation Limited a publicly listed financial services organization which is a wholly owned subsidiary of OCBC Wing Hang Bank Limited (which is in Hong Kong) and it was incorporated in the year 1941 as Banco Wen Hang and headquartered in Singapore. OCBC Wing Hang Bank services to its customers enhanced market access, augmented banking network and an expanded range of services and products and for their business as well as personal and financial needs. It has handled around HK$277.33 billion of the total assets in the year 2017. It employs around 500+ employees.
7. Banco Commercial De Macau
Banco Commercial De Macau was incorporated in 1974. It helps to provide support for the main infrastructural projects and has been involved in maintaining trade financing activities. As of 30th June 2018, the total assets that were acquired by this Bank was MOP$20.74 billion.
8. Novo Banco
Novo Banco Asia has established its operations in 1996. The bank is involved in the entertainment, gaming, and tourism industries in Macau, in addition to its industrial and commercial related financial activities. It has handled around EURO51.49 billion of the total assets for the year 2018 1st half. Novo Banco had generated net interest income around EURO210.60 million in the 1st half of 2018. In the same year, the net loss of Banco Nacional Ultramarino was around EURO290.30 million.
9. Macau Chinese Bank
Since, its establishment in 1995, MCB was formerly known as Finibanco (Macau) but later it was merged and acquired by Winwise Holdings Limited (which is again a subsidiary of Hong Kong Chinese Limited) since the year 2002. Macau Chinese Bank provides insurance services and general commercial, further it also offers international trade, SME financing, export and import financing, and customer deposits like HKD/MOP saving accounts.
10. Banco Delta Asia
Banco Delta Asia was founded and established in 1935 by Au Wing Ngok and it’s the 10th largest bank in Macau. The bank faces sanctions from the Government of the US, for accepting the deposits from the government of North Korean. Total Assets that were last reported in the year 2016 were MOP98.25 million. It employs more than 150 employees with 8 branches.
This has been a guide to Banks in Macau. Here we have discussed the 10 topmost banks in Macau with their financial structure. You may also look at the following articles: