One of the world’s largest financial institutions ICBC-Industrial and Commercial Bank of China Ltd., is seeking a Bank of Portugal (BoP) banking license to establish a subsidiary in Portugal for which it has already named a management team. The financial institution, the first Chinese bank ever to open directly in Lisbon, hopes to begin operations early in H2 2012.  The timing will depend on its license application. Between 1999 and 2012, 69 financial institutions ceased trading in Portugal, considerably more than the eurozone average. Through a subsidiary in Macau – a former Portuguese-ruled Chinese enclave --  ICBC has been trading in Portugal for several years, via a representative office. By applying to open a branch office the bank intends to deepen and extend trade and investment financing  as China builds a growing stake in Portugal and elsewhere in Europe.  The ICBC arrival in Portugal follows its earlier acquisition of Seng Heng Bank from Stanley Ho, the Macau casino millionaire and owner of the Estoril Sol casino in Cascais. This takeover meant ICBC inherited Heng Seng’s representative office license in Portugal (approved in 2006). In 2009, the Chinese bank boosted ties to Portugal by commercial links with BES- Banco Espirito Santo and Millennium BCP. More recently, when China’s Three Gorges acquired a 21.35% stake in EDP the power utility, ICBC’s increased role in the Portuguese financial system was a negotiated offset in the sale. Additionally ICBC has been widely touted as a potential investor in the troubled Millennium BCP bank. Negotiations for Chinese and Brazilian shareholdings in BCP are said to be well advanced.

Even though a senior Accor director has warned of “a very difficult year ahead for tourism, especially on the domestic front”, the French hotel chain is preparing to open three units by year end. In Gaia, Oporto and Lisbon, the group plans two new Ibis units while in Braga, it will open a Mercure-branded hotel in partnership with franchisee Maxitur Braga.  The group currently operates 28 hotels under four different brands Sofitel (3), Novotel(4) and Mercure (20) and says it will continue to make fresh investment in Portugal. The latest planned openings reflect a renewal of interest by the French group in investing in Portugal, after two years of relative inactivity with just one new hotel opened. The Braga project involves refurbishment of the existing 4–star, 128-room, city-centre, Hotel Turismo de Braga rebranding it as Mercure at a cost of six million euros. In terms of overall group strategy, this will be the fifth Mercure opened in the country. A spokesman said: "It means the Mercure network is now present in each of Portugal’s major cities". The new hotel is scheduled to open in April. Earlier Accor announced it would open a 95-room budget Ibis in Vila Nova de Gaia, together with a 114-room Ibis at the Lisbon Expo area by year end.