Portugal's BCP To Decide On Polish Unit Sale By Year-End -Report
19 October 2011 - 6:49PM
Dow Jones News
Portugal's Banco Comercial Portugues SA (BCP.LB) will likely
make a decision on the future of its Polish unit, Bank Millennium
SA (MIL.WA), by the end of this year, daily Parkiet reports
Wednesday, citing Bank Millennium deputy chief executive Joao Bras
Jorge.
Selling Bank Millennium would boost BCP's capital ratios,
helping it meet new requirements set out under Portugal's EUR78
billion rescue plan.
In September, the Portuguese bank said it had received three
bids for the Polish unit and remained open to further expressions
of interest.
Poland's overwhelmingly foreign-owned banking sector is
undergoing an ownership reshuffle, as Europe's sovereign debt
crisis weighs on banks in peripheral euro-zone countries.
Kicking off the trend, Spain's Banco Santander SA (STD)
finalized its acquisition of Poland's Bank Zachodni WBK SA from
Allied Irish Banks PLC (ALBK.DB) in February. If other banks in
Poland are sold in the coming quarters, the new owners are also
likely to come from abroad, analysts said.
Newspaper website: www.parkiet.com
-By Marynia Kruk, Dow Jones Newswires; +48 22 447-2431;
marynia.kruk@dowjones.com