Portuguese Millennium Bank delayed to 2013 the return to profitof its Romanian subsidiary, opened in the autumn of 2007, giventhat it posted a 24m-euro loss last year.
In RON, the loss amounted to 99m RON, down 38% from the oneregistered in 2009. The figure is calculated in line withinternational financial reporting standards.
At the moment they launched the Romanian operations, the Portugueseestimated they would step into the black in 2011. However, the bankcoped with net losses of tens of millions of euros, which werecovered through capital injections, each year.
Also, in 2007 Millennium announced plans to open 100 branches bylate 2009, but territorial expansion was frozen at 74 branches atthe onset of the crisis. The bank also dropped the initial model ofspecialising branches by types of clients, turning all of them intouniversal activity centres in 2009.
"In 2010 we focused on strengthening our new business model,implemented a year before, and we managed to gain a strongerposition. The bank's market share expanded further along the twostrategic business lines: mortgages and deposits," commented JoseToscano, general manager of Millennium Bank Romania.
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