February 26th, 2007
The Portuguese bank Millennium BCP will tap the Romanian market in September, through the inauguration of Millennium Bank Romania, which will have 40 branches, reads ‘Ziarul National.’
The Portuguese intend to invest initially EUR 40 M, for theconstruction of the network of 40 entities with the entire necessary IT infrastructure. In the next five years, the Portuguese intend to invest another EUR 200-250 M in the Romanian branches, extending the territorial network to 100 units. According to the business plan, Millennium Bank Romania will close 2007 with a net loss of around EUR 30 M, while in the fifth year of its presence in the market it will begin to make a profit.
The bank received the setting up license from BNR on December 22, 2006, and presently it is in the stage that precedes the granting of the operation license. The bank will address mainly the companies and the upper segment of the natural persons with average income, both categories being credited with the quickest growth.
The chief of the bank will be a Portuguese, Jose Toscano, the former General Manager of the merger and acquisition division of Millennium BCP, who also dealt with the participation of the Portuguese bank to the BCR privatisation.
by Andreea Budica
Entry Filed under: Why choose Romania?