The Chinese shareholders of Haitong Bank (formerly Espirito Santo Investment Bank – BESI) have “a firm intention to play a very relevant role in the relations between Portuguese-speaking countries and China”, a source from the new bank told Business Daily. Earlier this month, Haitong International Holdings Limited, based in Hong Kong, concluded the acquisition of former Banco Espirito Santo (now ‘Banco Novo’ or New Bank) investment arm. According to the new management, the “acquisition allows us to combine the knowledge, market experience and multi-regional presence of BESI with Haitong Securities’ leading position in the Asian market”. It is within this context that the investment in the Portuguese-speaking markets occurs. “By leveraging its privileged relations with companies and investors from Portuguese-speaking countries and Haitong’s leadership position in China, the bank will focus on promoting investment, trade relations and capital movements between China and the Portuguese-speaking world”, an official source told Business Daily. Since the former BESI was so well placed in Portugal’s investment banking, Haitong’s new team feels that, “The bank will continue to provide consulting services to Chinese companies in their investment projects in Portugal and will also promote Portuguese companies’ expansion in the Chinese market”. Besides the investment in Portuguese-speaking markets and supporting Chinese companies in Portugal, the new bank wants to “reinforce its role as a platform to access Europe’s developed markets, as well as the U.S., but also to emerging markets in Latin America, Eastern Europe, Africa and India. This contributes towards its shareholders’ international expansion that now has a presence in large financial markets such as London and New York, thus complementing its leading position in China, which is particularly robust in Shanghai and Hong Kong”. Haitong’s holding group started the BESI acquisition process last year and was approved in its shareholders’ meeting a total of MOP3.3 billion (US$413.4 million). One of Haitong Securities’ vice-presidents recently told the Financial Times that their goal is to become a worldwide investment bank.
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