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BCP could sell part of stake in Bank Millennium - source
November 20, 2014 / 11:58 AM / 3 years ago

BCP could sell part of stake in Bank Millennium - source

WARSAW/LISBON, Nov 20 (Reuters) - Portugal’s Millennium BCP may sell a stake of around 10 percent in Polish lender Bank Millennium to boost its capital, a senior banking source told Reuters on Thursday.

The source confirmed a report in Polish daily Puls Biznesu that said the Portuguese bank was considering selling the stake worth around $300 million, but wanted to maintain majority control over Bank Millennium.

BCP now owns 65.5 percent of Bank Millennium, which is Poland’s eighth largest lender in terms of assets.

The banking source in Warsaw said that the Portuguese bank regarded a partial sale as “one of the options available”.

BCP declined to comment on the issue.

BCP, Portugal’s largest listed bank, failed Europe-wide health checks that measured its end-2013 accounts. It said it has already taken remedial measures this year and does not need to raise capital or sell strategic assets. [ID: nL5N0SL0TQ]

Some analysts had said the bank may have to sell its Polish unit in the event of a poor test result, but BCP reiterated in October it was a core strategic asset and not for sale. (Reporting by Marcin Goclowski and Sergio Goncalves; editing by Christian Lowe and Keith Weir)

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