31 October 2009

East Timor authorities reassess project by Portuguese financial group to open a bank

2009-10-29 Dili, East Timor, 29 Oct – The East Timor authorities are analysing the project of Portuguese state financial group Caixa Geral de Depositos (CGD) for the creation of a Timorese bank, the Timor Post newspaper reported in Dili Wednesday.

According to the daily, prime minister Xanana Gusmao decided to re-open the process, putting it up for discussion at the weekly meeting with the President of the Republic, before he left for South Korea.

The proposal to set up a Timorese bank was put forward by CGD for the first time in 2003, but never moved ahead and the commission set up to study the proposal never drew up a report on the subject.

CGD was linked to the start of the banking system in East Timor in the year 2000, by setting up a branch known as Caixa Geral de Depositos (CGD/BNU).

It now has the biggest retail banking network in East Timor, with branches in Baucau, Viqueque, Maliana, Batugade, Suai, Ermera (Gleno), Oeccusi and Dili.

As well as CGD/BNU, according to the Payment Authority the country's banking system is made up of other retail banks, such as the Australia New Zealand Bank (ANZ), with headquarters in Australia, and Mandiri Bank, with headquarters in Indonesia.

There is also the "East Timor Micro-credit Institution" (IMFTL), based in Dili, set up by the government with the financial support of donors and sponsorship from the Asia Development Bank (ADB), to provide micro-credit solutions. (macauhub)

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