The Portuguese branch of Bank of China in Lisbon recorded a loss of 3.1 million euros (US$3.5 million) in 2014 due to start-up costs, documents available on the website of Portuguese central bank show.

The Chinese lender’s Portuguese branch – inaugurated in April 2013 – accumulated a loss of 4.7 million euros by the end of last year. The lender explained in the document, quoted by Portuguese newspaper Público, the loss was due to “the operation start-up costs and personnel costs”.

By end of last year, Bank of China in Lisbon managed assets worth 345 million euros.

Among the business recorded by the Portuguese branch in 2014 was a loan of 200 million euros to Portuguese power and gas grid operator REN-Redes Energéticas Nacionais SA. That firm’s main shareholder is Chinese state-owned firm State Grid Corporation of China.