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November 27, 2021

BCP intends to sell Millennium Bank Romania

According to the Portuguese press that cites an announcement made by the bank, the European Commission has approved the restructuring plan for the Portuguese bank BCP, by which its Romanian subsidiary Millennium Bank will be sold. The announcement made by the BCP Group confirms the information published by Mediafax on 21 August, according to which the Portuguese bank will pull back from Romania by selling the subsidiary Millennium Bank, as a result of meeting the commitments undertaken before the European Union. Thus, a BCP announcement cited by Jornal de Negocios reports that BCP will have to sell multiple assets, including the subsidiary in Romania and the shares owned at the Greek Group Piraeus Bank, while also dropping personnel expenses by 25%, compared to 2012, before the end of 2015. The expense cutback has already been partially applied.
Millennium BCP, the largest Portuguese bank listed according to assets, received EUR 3 billion last year in the form of convertible bonds from a loan attracted by Portugal, worth EUR 78 billion from the European Commission, the European Central Bank and the International Monetary Fund. In exchange for this loan, BCP undertook to implement a restructuring plan that included the sale of assets.

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