BCP has “green light” to buy polish Euro Bank

  • ECO News
  • 29 May 2019

BCP and its subsidiary Bank Millennium are aiming to expand their presence in Poland.

BCP has been given green light from the Polish Financial Supervision Authority (KNF) to acquire Euro Bank, a subsidiary of Société Générale. In a statement sent to the Portuguese Securities Market Commission (CMVM), the bank led by Miguel Maya mentioned that BCP is now allowed to proceed with the acquisition of more than 50% of Euro Bank.

In a report published by Bank Millennium (a subsidiary of BCP and the one that will be acquiring Euro Bank), it is mentioned that “on the 28th May 2019, the Polish Financial Supervision Authority has made the decision on which it has referred not having any objection to the acquisition by Bank Millennium, together with its major stakeholder BCP, (…) becoming the major stakeholder of Euro Bank”.

This operation will cost 428 M€, totally supported by Bank Millennium itself. “This acquisition of Euro Bank will reinforce Bank Millennium’s position in Poland. It will also lead to an increase in its client base and it will make it one of the six biggest banks in Poland in terms of retail clients, even reinforcing Bank Millennium’s presence in smaller Polish cities.”, BCP has said back in November 2018, when Bank Millennium has reached an agreement with SG Financial Services Holding to buy 99.787% of its stake at Euro Bank.