In keeping with its strategy of using local banks as a platform from which to spread into other parts of the economy,
Geocapital is in the process of setting up an investment bank in Macau.
The company plans to set up the bank in partnership with the Angolan lender Banco Privado Atlantico, with which Geocapital already has a strategic alliance. Among other things, the Macau bank will be used as a conduit for a $1 billion development fund being set up by the Chinese government for projects in Portuguese-speaking countries.
Geocapital’s owners haven’t neglected the development of their home market, either. The shareholders have been involved with CAM, the company that built and operates Macau’s international airport, and which has served as a connection between mainland China and Taiwan, and of course for many other destinations as well.
Macau has a multitude of museums, churches, parks, temples, fortresses and gardens to visit, and is on the United Nation’s list of World Heritage Sites. It offers visitors a combination of Portuguese colonial charm and history along with important elements of Chinese culture and history.
As if all that weren’t enough, its excellent cuisine can be sampled in a wide range of restaurants, and it’s also the gaming capital of the region, for those tourists who want to try their luck at the roulette wheel or the blackjack table.
Geocapital shareholder Stanley Ho is also the Vice Chairman of the board of directors of CAM. Together they’re working to make sure the airport continues to thrive and serve as the entry point for travelers from other parts of the world who want to visit Macau and take advantage of the many activities the former Portuguese colony has to offer.
CAM is already preparing for the decline in airport traffic that is accompanying the establishment of more direct flights between Taiwan and other parts of China. The goal is attract low-cost airlines that can help connect tourists from other parts of Asia.
“People from Taiwan like to travel to Mainland China via Macau,” explains Liu Su Ning, CAM’s Executive Director. “It’s very convenient, and there are many flights. But with more direct flights coming in the future, fewer passengers come this way, and we could lose as much as 50% of our transit traffic volume. Since 2004 we have been working on attracting low cost carriers to Macau because they bring passengers from different cities in Southeast Asia.”
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