Banco Delta Asia S.A.R.L. is a Macao-based bank, owned by the Delta Asia Financial Group, which has been in operation since 1935. The Delta Asia Financial Group is a full-fledged banking and financial services group encompassing the territories of Macau and Hong Kong. Its banking arm in Macau, Banco Delta Asia S.A.R.L., (formerly known as Banco Hang Sang, S.A.R.L.), and its deposit taking subsidiary in Hong Kong, Delta Asia Credit Limited (formerly known as Foreign Exchange and Investment Ltd.), started their operations in Macau and Hong Kong in 1935 and 1962 respectively. Today, the Delta Asia Financial Group is well-known for its three core business activities, viz., investment banking, commercial banking and insurance.
The bank has been accused of engaging in money laundering and distribution of Superdollars for the government of North Korea. In 2005, after sanctions were imposed on it by the United States, the bank's executive board resigned and was replaced by government appointees. As a result of this, several North Korean companies in Macao which had accounts with the bank, including Zokwang Trading, had their accounts frozen.
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Financial News
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