Hong Kong King Wai, a local conglomerate, has reportedly acquired BNI Europa, a Portuguese digital bank for an undisclosed sum.
According to a South China Morning Post (SCMP) report, the conglomerate secured European Central Bank’s nod to buy more than 80% of BNI Europa last month.
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However, Hong Kong King Wai did not reveal the financial details of the transaction.
With operations in 13 European nations, BNI Europa manages assets and deposits of nearly $554m.
Currently, BNI Europa awaits necessary permits to commence operations in Greater China. Once received, the digital bank is set to become the only Portuguese lender to provide cross-border digital financial services in China’s Greater Bay Area (GBA).
BNI Europa will also operate across all nations who are associated with China’s Belt and Road project.
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By GlobalDataThe bank plans to open a branch in any GBA city such as Macau, Zhuhai, Shenzhen or Guangzhou. Opening another centre in Bangkok to support Asian operations is also under consideration.
Commenting on the acquisition, Hong Kong King Wai deputy CEO Eric Huang was quoted by SCMP as saying: “We believe that this acquisition will present several very promising opportunities.”
Through the purchase, BNI Europa aims to serve the growing number of Hong Kong residents who plan to move into European countries, SCMP noted.
The portfolio of services is expected to include personal loans, credit card and wealth management.
