English
Millennium BCP, the largest bank in Portugal, plans to open a Romanian subsidiary in September this year. The bank will invest 40 million EUR in order to open a 40-unit branch network, according to the company"s investment plan. By 2011, Millennium BCP is going to invest another 200-250 million EUR in order to expand its branch network to 100 units.
The bank expects losses of approximately 30 million EUR this year, and forecast no profit before 2011. The financial institution was granted the banking license by NBR on December 22nd 2006 and expects to be granted an operating license very soon. The Romanian subsidiary will focus mainly on the corporate sector and on clients with above average income. The bank will also operate in the consumer finance field and the activities will be carried out by a specialized structure.
In 2005, Millenium BCP participated in the bid for BCR, but its offer was outbid by Austrian financial group Erste. Banco Comercial Portugues ended the fiscal year 2006 with a net profit of 780 million EUR. At the end of last year, the bank"s assets amounted to 79.25 billion EUR.
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