According to the sources, the measure is part of a restructuring plan negotiated with European Commission representatives.
Millennium Bank Romania’s market share is below 1%.
Last year, Millennium BCP drew EUR3 billion in convertible bonds for recapitalization from a EUR78 billion bailout package Portugal received from the European Commission, the European Central Bank and the International Monetary Fund. BCP pledged to implement a restructuring plan which also includes the sale of assets.
Millennium BCP representative Erik Burns declined to comment on the matter.
Millennium Bank Romania registered loss of EUR3.5 million in the first half of 2013, down 47% on the year.
Its revenuers climbed to about EUR14 million in the first half, while total costs fell 10% to EUR15 million. At the end of June the bank employed 584 people, down 12% compared with the end of June 2012.
Millennium Bank Romania’s loan portfolio increased to EUR481 million at the end of June 2013, from EUR405 million in mid-2012. Deposits rose 18% to EUR351 million.
Millennium has been present in Romania since 2007.