BCP will stop paying suppliers within a 30-day period, instead it will pay weekly. The bank assumes to be "aware of the difficulties" that many companies are experiencing.
Covid-19 has created economic difficulties for many companies, particularly in terms of cash flow. In this sense, BCP will pay supplier invoices “from the current 30 days to just one week”, the bank said in press release.
“Aware of the treasury difficulties that many suppliers are facing at the moment, Millennium BCP has decided to pay invoices from the current 30 days to just one week. The new deadline counts from the date the invoice is registered,” the company indicated.
According to BCP’s own estimates, the measure will cover the company’s more than 6,500 suppliers, “which originate an average monthly number of over 10,000 invoices and an average monthly value of around 37 million euros.”
For Miguel Maya, executive president of BCP, the aim is to contribute to improve the liquidity of the companies that supply the group. “Suppliers count on us and we will help them overcome this most demanding moment,” assured.