The government of Macao Special Administrative Region (SAR) has approved the merger between Commercial Bank of China (ICBC) and Seng Heng Bank, which was owned by local gaming magnate Stanley Ho, the Macao Daily Times reported on Tuesday.
MACAO, July 7 (Xinhua) -- The government of Macao Special Administrative Region (SAR) has approved the merger between Commercial Bank of China (ICBC) and Seng Heng Bank, which was owned by local gaming magnate Stanley Ho, the Macao Daily Times reported on Tuesday.
The Seng Heng Bank will change its name to ICBC (Macao), and was also allowed to increase its capital to more than 280 million patacas (35.4 million U.S. dollars), the daily quoted information released Monday on the SAR's Official Gazette.
Seng Heng Bank was established in 1972 and acquired by Ho's company STDM in 1989. ICBC gained an 80 percent stake in the bank in 2007.