Millennium Bank Romania to add 38 units to network by the end of the year, on expansion plansPublish date: 28-08-2008
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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- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
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- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
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- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei