China regulator opens way for Macau Banks to set up on mainland

BEIJING: China will support and encourage Macau banks to set up branches on the mainland as part of efforts to stimulate the region’s economic and financial development, the China Banking and Insurance Regulatory Commission said in a statement on its website on Saturday (Dec 21).

Mainland financial leasing firms are now also allowed to operate in Macau, according to the statement.

Besides the Bank of China and ICBC Macau, the other top banks in the country are Tai Fung Bank, Luso International Bank and Bank De Macau who are expected to take up the offer.

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