It ceased existence as an independent legal entity in Portugal following its merger in 2001 with Caixa Geral de Depósitos, the government-owned savings bank.

The bank continues operations today under the Banco Nacional Ultramarino brand in Macau, a Chinese special administrative region and former Portuguese colony, where it is also licensed to issue Macanese pataca banknotes.

Banco Nacional Ultramarino (BNU) was established in Lisbon, Portugal, in 1864 as a bank of issue for Portuguese overseas territories.

Three years after that, in 1868, BNU opened branches in São Tomé and Príncipe, Goa, and Lourenço Marques, Mozambique.

BNU opened branches in Macau[2] and in Bolama, Portuguese Guinea (present-day Guinea-Bissau) in 1902, in Dili, East Timor (present-day Timor Leste), and in Brazil, a representative office in Stanleyville and a branch in Paris in 1919, a representative office in Bombay in 1920.

In 1993, Caixa Geral de Depósitos (CGD) became the majority shareholder in Banque Franco-Portugaise d’Outre-Mer.

In 1999, BNU opened representative offices in Mumbai and Panjim (Goa), and a branch in Dili, Timor Leste.