Hong Kong Conglomerate King Wai Buys Portugese Bank
Hong Kong King Wai Group acquires Portugal-based digital bank BNI Europa in a move that is expected to tap into opportunities from both China’s global expansion and Hong Kong foreign residency demand.
The group gained regulatory approval in early October to acquire over 80 percent of BNI Europa though no price was disclosed. BNI has assets and deposits of about $554 million with operations in 13 European countries.
Pending additional approvals, BNI will potentially be the only Portuguese bank to offer cross-border digital financial services in the Greater Bay Area alongside belt and road countries. Given Asian client preference for a physical presence alongside digital capabilities, BNI will seek to open a branch in the Greater Bay Area, likely Macau, Zhuhai, Shenzhen or Guangzhou, and Bangkok.
«One of the reasons for the acquisition is the macro trend of the Belt and Road Initiative,» said Eric Huang, Hong Kong King Wai’s deputy chief executive in an «SCMP» report. «Because we are a Chinese-Hong Kong company we see opportunities out there, we see a lot of mainland Chinese and Hong Kong investment in western Europe including the UK, France, and Spain.»
Permanent Residency
In addition to China’s expansion, the firm also believes it is well-positioned to serve the growing number of Hong Kongers seeking permanence residency in European countries due to ongoing unrest.
«This demand is also because of Europe’s social welfare system, education system, and overall its stable environment and living conditions,» said Huang, who highlighted BNI’s capabilities to support those who seek to move through either the business investment or the property investment route.
«It’s a long-term immigration destination for ultra-high net worth individuals.»
