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The Establishment of the First Branch of Bank of China in Macau

2016-05-24

On June 21, 1950, Bank of China established its subsidiary company in Macau, registered as a “銀號”(“banking institute”) pursuant to local laws and named as Nam Tung Bank (However, it could not be named as “Banco” in Portuguese.). Nam Tung Bank was relatively small in scale, occupying an office space of less than 100 square meters and employing a little more than 20 staff members.

During that period of time, Macau was in an economic recession. Local business was shabby after years and years of wars in the Mainland. Nam Tung Bank, in view of the financing need of the local community, set forth the mission of “Serving the overseas Chinese, supporting the local businesses”. Through offering special products such as the “Young Students Savings Planand establishing close relationships with various local groups, the Bank cultivated the market diligently, expanded the customer base, and rapidly founded its footing in such a difficult period of time.

When the economy of Macau gradually recovered, products made in China were particularly popular among Macau residents. In view of the more and more active China trade market, Nam Tung Bank devoted much of its effort to import trading business and steadily developed its international settlement business. While providing support to the financing needs of the importers of Chinese products, Nam Tung Bank facilitated the development of visible trade in Macau. After the mid 60’s, when factories of the textile industry in Hong Kong started moving to Macau and laws regarding the registration of deeds and titles were first launched, the industries of Macau began to switch from the traditional workshop approach and marched into diversification. To accommodate to the growing economy, Nam Tung Bank opened its first subsidiary – Hung Kai Si Branch in 1967 and gradually grew in scale from then on.

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