Banca Millennium, the name under which the Portuguese at Millennium BCP have registered their domestic branch, expects to operate 100 branches by 2010, with a portfolio of around 150,000 clients, according to the group's three-year strategy presented in Lisbon. By 2010, the bank's assets are estimated at 1.4 billion euros, with a contribution of 68 million euros to the group's operating income, given that the time for a branch to become profitable is predicted to be less than three years.
The Portuguese at Millennium BCP consider the markets of Romania, Angola and Mozambique as attractive with "robust" opportunities, together with Greece and Poland, where they already have well-positioned branches, according to the cited strategy.
By 2010, the Greek-based branch is estimated to have 210 subsidiaries with 385,000 clients, the Polish-based branch, 560 subsidiaries and 1.3 million clients, and the Mozambique branch, 131 subsidiaries and 700,000 clients.
The launch of operations in Romania remains scheduled for September this year, with the estimated value of the project standing at 330-430 million euros.
The initial investment expected for this year is 40 million euros, with a further 200-250 million euros anticipated as necessary until 2011, with the bank to focus on urban areas in order to develop its branch network.
At the same time, losses of 30 million euros were estimated for 2007, with the breakeven point expected to be reached in 2011. The NBR administered a licence to the credit granting institution on December 22, 2006 and is shortly expected to grant an operating licence.
The bank intends to approach the consumer credit market via a specialised channel. The territorial network will be made up of so-called "credit centres", as well as of branches granting services to corporate clients and to above average retail clients.
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