A memorandum of understanding was signed between Caixa Bank of Investment (Caixa), a subsidiary of Caixa Geral de Depositos from Portugal, and Seng Heng Bank based in Macao here on Monday to engage in cooperation.

The inking ceremony was witnessed by visiting Portuguese President Jorge Sampaio and Chief Executive of the Macao Special Administrative Region (SAR) Edmund Ho Hau Wah.

Stanley Ho, president of the Seng Heng Bank said after the ceremony that with the agreement, the two banks will cooperate and assist each other in identifying business opportunities in China, Spain, Brazil and other Portuguese-speaking countries.

Ho said that the joint efforts are intended to result in an increase in banking cooperation of common interests in the fields of investment banking and gaining from accurate risk assessment due to the knowledge, experience and contacts.

Carlos Costa, administrator of Caixa said that the company has made a concrete presence in Macao through Banco Nacional Ultramarino (BNU), which has settled in Macao for more than 100 years.

He hoped that the banking cooperation memorandum will be an example of the Portuguese commitment to the cooperation with China as it has been underlined by President Sampaio.