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June 27, 2022

Millennium Bank Romania cuts mortgage credit margin

Millennium Bank Romania plans to cut mortgage credit margin to 5.95 per cent next week, from 6.5 per cent now, for loans representing less than 60 per cent of the guarantee value, a press release informs. The bank will maintain a 6.5 per cent margin for credits with borrowed value accounting for 60 per cent to 80 per cent of the real estate cost. According to the president of the bank, Jose Toscano, mortgage loans will represent the bank’s main business direction, aiming to double its portfolio this year. Millennium Bank Romania, member of the Portuguese group Millennium BCP, began its activity on October 11, 2007, having now a territorial network of 74 units. The bank last year recorded losses of RON 161 M (EUR 38 M), as a direct result of investments. Assets of the bank rose 62 per cent in 2009, to RON 2 bln, in the context in which granted credits’ balance exceeded RON 1 bln.

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