“All our strategies target attracting as many clients as possible and we’re adjusting our product offering to this goal. We had 45,000 clients at the end of last year, but we would want to reach 100,000 clients,” says Eliza Erhan, head of the marketing and product development department of Millennium Bank.
In 2009, the Portuguese bank revised its growth strategy in Romania, as initial plans, which entailed a strong emphasis on consumer loan sales, were no longer feasible. Now, Millennium is trying to achieve balanced growth from three lines of business: mortgage loans, deposits, as well as transactional products for as many clients as possible.
The bank’s balance sheet is still small, with the loan volume totaling just EUR383 million in March, against an overall private lending of EUR49 billion.