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The “Funds Transfer Service Arrangement” was signed between Banco BPI S.A. and Bank of China Limited Macau Branch on 13 July 2011, launching a remittance service between China and Portugal. Both parties agreed to take the full advantages of their banking networks and financial services and provide an efficient, safe and convenient fund transfer for enterprises and residents in China and Portugal. The signing of this “Arrangement” is further enhancing the cooperation between both parties.
The above-mentioned “Arrangement” was signed based on the “Cooperation Framework Agreement” signed between Bank of China and Banco BPI SA in 2010, bringing enormous opportunities for both parties. Bank of China is keen to establish strong connections with Portuguese speaking countries, through providing comprehensive financial support services for Chinese enterprises doing business with their counterpart in the Portuguese speaking countries .Those services also make great contributions to Macau S.A.R. government’s efforts to establishing the exchange platform between China and Portuguese speaking countries. Bank of China, Macau Branch have already utilized this platform by establishing solid links with Angola, Mozambique and Cape Verde. Since 2006, Bank of China Limited Macau Branch has conducted banking transaction volume of USD 17 Billon with Portuguese speaking countries.
The signing of the “Arrangement” successfully expanded both parties’ business coverage in Portuguese speaking countries and China, It also boost trading relationship between China and Portugal. Besides existing connections with above-mentioned countries, a subsidiary of Bank o China has also been set up in St. Paul, Brazil. This subsidiary aims to strengthen the relationship with financial institutions in Portuguese speaking countries. Bank of China will continue to make its best contributions to building the solid exchange platform between Portuguese speaking countries and China.
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