Jose Reino da Costa was appointed to this position by the bank’s managing board.
During his six-year term, Toscano had been engrossed in the start from scratch and the launch of Millennium Bank in Romania, in October 2007, the expansion of the bank’s local network and the consolidation of the local business in a very harsh economic context, according to the press statement.
Jose Reino da Costa, 48, has been working for Portuguese group Millennium for almost 14 years. Before coming to Romania, he had worked in Portugal, Macao and Angola and for the past four years, he has been general manager of Millennium Bank in Angola.
Millennium Bank Romania narrowed its 2012 first-half losses by 35.2%, to EUR6.5 million from EUR10.1 million in the first half of 2011, Portugal’s Millennium group said in its half-year earnings report released at the end of July.
Revenues from banking operations decreased 28%, from EUR14.6 million to EUR10.5 million, and operating costs decreased 19%, from EUR20.7 million to EUR16.7 million, the report said.
In the first quarter of the year, Millennium Bank Romania posted loss of EUR3.4 million, from a loss of EUR6.4 million in the first quarter of 2011.
Millennium Bank Romania currently has 65 units and employs around 700 staff.