Cape Verde rejects Chow bank licence

The Macau businessman David Chow had requested permission to open a bank in the African country in 2018.

Cape Verde.- Macau businessman David Chow, co-chairman of Macau Legend, will not be able to open a bank in Cape Verde.

According to Ponto Final newspaper, the island nation’s central bank has rejected his request for a license to open his Sino-Atlantic Bank due to the lack of “all the necessary information and documents”.

That includes gaps in the identification of founding shareholders, qualified holdings and management model, analysis of the project’s viability and the Sino-Atlantic Bank’s company charter.

The Central Bank said: “It is important to point out that the supervisory authority requested the promoters of the project to provide information and clarifications with a view to addressing the deficiencies found”.

Macau Legend is currently involved in Cape Verde’s largest integrated resort development. The project involves the construction of a property with a 250-room boutique resort, a swimming pool, restaurants, bars and commercial establishments, as well as a marina. Completion of the project has been delayed due to the Covid-19 pandemic.