Hong Kong King Wai, a local conglomerate, has reportedly acquired BNI Europa, a Portuguese digital bank, for an undisclosed sum, says Retail Banker International.
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.
However, Hong Kong King Wai did not reveal the financial details of the transaction.
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.
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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now