The level of corporate governance of Macao banks remains sound in general, as evidenced by their ability to survive the various economic downturns and financial crises in the past decades, and the results of past assessments initiated by international regulatory bodies, such as the International Monetary Fund (IMF).
Under no circumstances should a structure be created that is so large that the systemic risks ultimately become even bigger. In the case of vertical integration, there is the inherent risk of cementing existing structures. Business lines that are unsustainable in the long term would perhaps have to be supported by the affiliated savings banks. Consolidation makes sense in order to reduce surplus capacities.