Macao businessman David Chow has formally applied for central bank permission to open a bank in Cabo Verde, A Nação reports.

The Cabo Verde newspaper quotes Mr Chow as saying his bank, to be called Banco Sino-Atlântico, could help increase economic exchanges between Macao and Cabo Verde.

Mr Chow was speaking at an event to mark the start of work on building a hotel in a gaming resort which is part of a €250 million (US$308.47 million) investment that his company, Macau Legend Development Ltd, is making in Cabo Verde, A Nação says.

Separately, the Macao Daily News quotes Mr Chow as saying he will invest in other industries in Cabo Verde, including finance and energy.