Banco Nacional Ultramarino

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A piece of artwork for the National Overseas Bank (Banco Nacional Ultramarino) in Lisbon, with coats-of-arms symbolizing the colonies of the Portuguese Empire.

Banco Nacional Ultramarino, pron. IPA: ['bɐ̃ku nɐsiu'naɫ uɫtɾɐmɐ'ɾinu], (in Macau, trading as 大西洋銀行 in Chinese, in English, National Overseas Bank) is a Portuguese bank with operations throughout the world, especially in Portugal's former colonies. It ceased existence as an independent legal entity in Portugal following its merger with Caixa Geral de Depósitos, the government-owned savings bank, in 2001.

[edit] History

1864 Banco Nacional Ultramarino (BNU) is established in Lisbon, Portugal. It has as its role being a bank of issue for Portugal's overseas territories.
1865 BNU opens branches in Luanda (Angola) and Cidade de Praia (Cabo Verde).
1868 BNU opens branches in São Tomé and Príncipe, Goa, and Mozambique.
1901 BNU loses its banking monopoly but it retains the note issuing monopoly for the countries in which it operates.
1902 BNU opens branches in Macau and Bolama (Portuguese Guinea; now Guinea-Bissau).
1912 BNU opens a branch in Dili, Timor Leste, and a branch in Brazil.
1919 BNU establishes a representative office in Kinshasa, and a branch in Paris.
1920 BNU establishes a representative office in Bombay.
1926 BNU loses note issue monopoly in Angola with creation of Banco de Angola.
1929 BNU establishes a subsidiary in London, the Anglo-Portuguese Colonial and Overseas Bank. BNU converts its branch in Paris to a subsidiary, Banque Franco-Portugaise d’Outre-Mer.
1952 BNU closes its branches in India.
1965 General Mining and three Portuguese banks (including BNU) joined in 1965 to start the Bank of Lisbon and South Africa. This is now Mercantile Lisbon Bank.
1970s BNU bought a shareholding interest in Banque Interatlantique, a bank in Luxemburg.
1970s BNU establishes a rep office in London.
1974 The Portuguese government nationalizes BNU, following the Carnation Revolution.
1975 Mozambique nationalizes the Banco Nacional Ultramarino and renames it the Banco de Mozambique.
1988 Caixa Geral de Depósitos becomes the majority shareholder of Banco Nacional Ultramarino S.A. the Republic of Portugal is the only other shareholder.
1991 BNU opens a branch in London.
1993 BNU opens a branch in Zhuhai, a Special Economic Region of China.
1993 Caixa Geral de Depósitos becomes the majority shareholder in Banque Franco-Portugaise d’Outre-Mer.
1995 The Chinese government confirms that BNU will remain a note issuer in Macau until at least 2010.
1999 BNU opens representative offices in Mumbai and Panjim-Goa, and a branch in Dili, Timor Leste.
2000 BNU signs an agreement with the Administration of Macau Special Administrative Region of the People´s Republic of China whereby the Bank remains an Agent of the Treasury.
2001 BNU and Caixa Geral de Depósitos merge through incorporation of Banco Nacional Ultramarino into Caixa Geral de Depósitos. Effective July 1, 2000 the Macau Branch of Banco Nacional Ultramarino becomes a bank incorporated in Macau SAR, under the name Banco Nacional Ultramarino S.A., but as a wholly owned subsidiary of Caixa Geral de Depósitos. Banco Nacional Ultramarino S.A. retains its functions as a note issuer and Agent of the Treasury.
2002 Caixa Geral acquires majority ownership of Mercantile Lisbon Bank in South Africa.