Banco Nacional Ultramarino (BNU) of Macao, and Industrial and Commercial Bank of China (ICBC) agreed on Wednesday to work together to promote business between China and the Portuguese-speaking world, Lusa reports.

The Portuguese news agency quotes a written announcement issued by the banks as saying their cooperation is meant to help Macao serve as a place where China and lusophone countries can do business.

The statement says the Chinese-led Belt and Road initiative, and the development of the Guangdong-Hong Kong-Macao Greater Bay Area are creating opportunities in many businesses.

The banks will use their extensive network abroad to promote business, Lusa quotes their joint announcement as saying.

BNU is owned by Caixa Geral de Depósitos, a Portuguese state-owned bank. ICBC was the first Chinese bank to open an office in Portugal.