LISBON: The Banco Comercial Portugues decided to sell the full offer of 15.41% of its unit bank millennium S.A, which is the sixth largest commercial bank in Poland. The share price of PLN 6.65 values share the deal above PLN 1.24 billion. With the successful placement the stake of BPC in Bank Millennium S.A. is being reduced from 65.51% to 50.1%. BCP will “remain a long-term majority shareholder in Bank Millennium, sides said Thursday.
The sell-down bears no strategic change BCP’s approach to Poland, Millennium said. A 2.6% stake in Bank Millennium was acquired by the European Bank for Reconstruction and Development (EBRD).“By becoming a shareholder in Bank Millennium S.A., the EBRD – together with other institutional investors is widening and stabilizing the shareholder basis of this important bank. Strengthened corporate governance will also contribute to improved services for the Polish economy,” Lucyna Stańczak-Wuczyńska, EBRD Director in the Financial Institutions Department, said.
Bank Millennium S.A. is the sixth-largest commercial bank in Poland by total assets with a 5.2%-market share. It is listed on the Warsaw Stock Exchange and majority owned by BCP, the second largest bank in Portugal. Bank Millennium S.A. mainly focuses on small corporate clients and mass market and affluent retail customers.
