Millennium Bank Romania to add 38 units to network by the end of the year, on expansion plans

Publish date: 28-08-2008
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Romanian lender Millennium Bank, the unit of Portugal's largest private bank Millennium, plans to open 38 new units by the end of the year, in a bid to reach 80 units countrywide, as well as to hire more people, according to the bank.

The lender plans to count 850 employees at the end of 2008, versus 560 people in present. It also aims to reach 100 units by the end of 2009.

Millennium Bank targets a 27-unit network in Bucharest at the end of the year, out of which 20 Credit Centers, six Financial Centers and a Private Banking one. 
The bank counts units in Bucharest, Brasov, Cluj, Constanta, Iasi, Timisoara and plans to spread tentacles to Arad, Baia Mare, Craiova, Galati, Pitesti, Sibiu and Suceava.

Millennium Bank broke into the local market in October 2007 when it opened 39 units in Bucharest and in eight cities. Initial investment to bring the lender on the local market was of 40 million euros, and estimated investments by the end of 2011 stand at 300 million euros.

Millennium said in July it added 150 percent to its assets after it saw first semester losses below expectations. The lender reached assets of 204 million euros on 13.6 million euros losses in the first six months this year. Its revenues stood at 9.6 million euros and the operating profit accounted for 5 million euros.


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