Portuguese look to Poland's potential
The new boss of Millennium BCP bank, co-owners of Bank Millennium, has identified Poland as a key growth area.
Paulo Teixeira Pinto took over Portugal's largest listed bank, Millennium BCP, last week. His predecessor, Jorge Jardim Goncalves, left BCP in good shape, but Teixeira Pinto is betting on growth in Poland and Greece as the Portuguese economy sputters away from a recession.
"In Portugal there will be a challenging business environment for up to three years," said Tiago Dionisio, an analyst at Banco Portugues de Investimento. "In Poland and Greece things are improving, but it's still a challenge," he said.
BCP owns 50 percent of Poland's Bank Millennium. BCP's 2006 forecast calls for a 12 percent return on equity in Poland and 14 percent in Greece. "The achievement of those targets will be a challenge," said Dionisio.
Morgan Stanley's Pablo Beldarrain said: "In Poland over the next five years we will probably see consolidations. BCP has four percent market share, and they must decide if they want to acquire another bank, or merge or sell," which is unlikely. (Reuters)
J.T.
Paulo Teixeira Pinto took over Portugal's largest listed bank, Millennium BCP, last week. His predecessor, Jorge Jardim Goncalves, left BCP in good shape, but Teixeira Pinto is betting on growth in Poland and Greece as the Portuguese economy sputters away from a recession.
"In Portugal there will be a challenging business environment for up to three years," said Tiago Dionisio, an analyst at Banco Portugues de Investimento. "In Poland and Greece things are improving, but it's still a challenge," he said.
BCP owns 50 percent of Poland's Bank Millennium. BCP's 2006 forecast calls for a 12 percent return on equity in Poland and 14 percent in Greece. "The achievement of those targets will be a challenge," said Dionisio.
Morgan Stanley's Pablo Beldarrain said: "In Poland over the next five years we will probably see consolidations. BCP has four percent market share, and they must decide if they want to acquire another bank, or merge or sell," which is unlikely. (Reuters)
J.T.
