Published On: Mon, Mar 13th, 2017

Local PSB Bank signs MoU with Chinese State Company GZE

Guangdong-Zhenrong-Energy-GZE-en-PSB-20170310WILLEMSTAD – The Chinese State Company Guangdong Zhenrong Energy (GZE) is willing to use the Curaçao PSB Bank as banker for the money transactions in connection with the operation and modernization of the Isla refinery, which is a one billion project.

Recently, the directors of both companies signed a Memorandum of Understanding (MoU).

It is not a surprise that the GZE and the relate China Zhenrong Holding (CZR) are opting for the PSB Bank. The bank, owned 100% by the Curacao government, has also been mentioned in November last year in the Heads of Agreement (HoA) signed by the government and GZE/CZR.

The PSB Bank has yet to receive approval from the Central Bank of Curaçao and Sint Maarten to become a commercial bank. “But there is no reason to deny the permit,” said the Bank Director Daniel Hodge.

The question which remains now is whether the PSB Bank will continue to be 100% owned by the government or will it become partner of China Investment Bank.

Photo credit: Els Kroon

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