Hong Kong company King Wai Group has bought Portuguese online bank BNI Europa, contributing to the Chinese drive for greater economic engagement with lusophone countries, the South China Morning Post reports.

The Hong Kong newspaper says the European Central Bank gave King Wai Group permission in October to acquire over 80 percent of BNI Europa for an undisclosed amount.

The report quotes King Wai Group Deputy Chief Executive Eric Huang as saying: “This acquisition will present several very promising opportunities.”

Once BNI Europa is permitted to do business in China, it could become the only Portuguese bank to offer inter-regional financial services online in the Guangdong-Hong Kong-Macao Greater Bay Area, the report says.

The bank intends to open a bricks-and-mortar branch in a city in the area such as Macao, Zhuhai, Shenzhen or Guangzhou, the South China Morning Post says.