Africa Monitor Intelligence
Cape Verde: Regulator Extinguishes David Chow Bank Project
The dossier with the authorization request for the creation of Banco Sino-Atlântico (BSA) by businessman DAVID CHOW, delivered to Banco de Cabo Verde (BCV) on FEB.2018 has been filed, due to lack of response to requests for clarification made by the regulator, considered essential.
BCV has shown reticence from the beginning to authorize the licensing of BSA (AM Flash 43). The bank's creation process should have been submitted to the BCV within 6 months, according to the 2017 agreement, but the dossier was only delivered on FEB.2018.
The headquarters and main branch of the BSA was to be located be in the 14-story building that integrates the complex that DC is finishing in Gamboa. In the same building, which is already in an advanced stage of construction, the convention center, online casinos and offices are expected to operate.
In 2019, the Government accepted DC´s proposal to reduce the scale of the tourist complex of the islet of Santa Maria, in the city of Praia, advancing, at this moment, only with a first phase of the project, now budgeted at USD 90 million, about 1/ 3 of the initially forecast value (AM 1197). READ MORE