Management Report

Millennium bcp is the largest private Portuguese bank – and the main Bank for Companies in Portugal, with an 18% share in turnover. Abroad, it is one of the most relevant banking institutions in the countries in which it has operations. At the end of 2018, the Bank had more than 2.3 million active Customers in Portugal and more than 4.9 million active Customers abroad, which it serves through its banking operations, representation offices and/or commercial protocols.

Banco Comercial Português, with its decision centre in Portugal, operates and acts with respect for people and institutions, focusing on the Customer, pursuing a mission of excellence, trust, ethics and responsibility, and is a distinguished leader in various financial business areas in the Portuguese market and a reference institution on an international level.

The Group provides a wide variety of banking services and financial activities in Portugal and abroad, where it is present in the following markets: Poland, Switzerland, Mozambique, Angola (through its associate BMA) and China. All its banking operations develop their activity under the Millennium brand. The Group has also been present in Asia since 1993, but it was only in 2010 that the activity of the existing Macao branch was expanded, through the attribution of a full license (onshore) aimed at establishing an international platform for business operations between Europe, China and Portuguese-speaking African countries.

In Portugal, Millennium bcp is focused on the retail and companies markets, providing services to its Customers in a segmented manner. The subsidiary companies generally provide their products through the Bank’s distribution networks, offering a wide range of products and services.

Millennium bcp is Portugal’s largest private sector banking institution, with a leading position and particular strength in various financial products, services and market segments, based on a modern branch network with good domestic coverage.

The domestic activity focuses on Retail Banking, which is segmented in order to best serve Customer interests, both through a value proposition based on innovation and speed targeted at Mass-Market Customers, and through the innovation and personalised management of service for Private, Prestige, Business Customers, Companies, Corporates and Large Corporates. Retail Banking also operates through Activobank, a bank aimed specifically at Customers who are young in spirit, intensive users of new communication technologies and prefer a banking relationship based on simplicity and offering innovative products and services.

The Bank also offers remote banking channels (banking service by telephone and online), which operate as distribution points for its financial products and services.

At the end of December 2018, the Bank had 546 branches in Portugal (including 1 branch in Macao), serving over 2.3 million Customers, and held market shares of 17.4% in loans to Customers and 17.7% in customer deposits.

The BCP share is part of over 50 domestic and international stock exchange indexes, among which we highlight the Euro Stoxx 600 Banks, the Euro Stoxx Banks, the PSI 20 index, the Euronext 150 and the NYSE Euronext Iberian indexes.

Main operations




total assets


total loans and advances to customers (gross)


total customer funds


share in loans and advances to customers


share in customer deposits




Millennium bim, market leader


share in loans and advances to customers


share in customer deposits


Merger of Banco Millennium Angola, S.A. with Banco Privado Atlântico, S.A. in 2016. The Bank resulting from the merger is an associated company of Banco Comercial Português.




share in loans and advances to customers


share in customer deposits

Financial products and services

  • demand account
  • means of payment
  • savings products
  • investment products
  • private banking
  • asset management
  • investment banking
  • mortgage loans
  • consumer credit
  • commercial banking
  • leasing and factoring
  • insurance

Key figures

CET1 - Fully implemented



Loans to Deposits






Cost-Core Income



Cost of risk


92 b.p.




Main events in 2018

The European Investment Bank (EIB) and Millennium bcp join forces to promote economic growth and job creation in the areas affected by the fires of 2017 in the Norte and Centro in Portugal, making funds available for the promotion of the economic recovery in these areas in an amount of 150 million euros. 
Return, in 2018, to "The Sustainability Yearbook", publication of reference in the Sustainability area. 
BCP signed up to the Charter of Principles of the Business Council for Sustainable Development (BCSD) Portugal, joining the group of first signatory companies. 
Return of BCP to the Stoxx Europe 600 Index, the stock market index of reference at European level. 
Memorandum of Understanding between Millennium bcp and the largest digital payments platform of China, ALIPAY, in the Portuguese market, which permits Millennium bcp to become the first bank to facilitate transactions between Chinese travellers and merchants in Portugal.  
Edition of the Millennium Company Days in Vila Nova de Famalicão, an initiative of Millennium bcp aimed at touring the country so as to get closer to Portuguese companies, supporting their internationalisation and strengthening their competitiveness. 
BCP confirmed in the Ethibel Sustainability Index (ESI) Excellence Europe. 
Bank Millennium, in Poland, recognised by the Widzialni Foundation for the access conditions of its website for people with special needs. 
Holding of the Annual General Meeting of Shareholders on 30 May 2018, attended by shareholders holding 63.04% of the share capital, with emphasis, among the deliberations taken, on the approval of the management report, the balance sheet and the individual and consolidated accounts, relative to the financial year of 2017, and the proposal for the appropriation of profit for the financial year of 2017; the election of the Board of Directors for the mandate that begins in 2018, including the Audit Committee; and the election of the Remuneration and Welfare Board for the mandate that begins in 2018. 
Memorandum of Understanding signed between Banco Comercial Português and Industrial and Commercial Bank of China, renewing the cooperation agreement that had been established in 2010. 
Holding of the 2nd edition of the "Prémios Millennium Horizontes" (Millennium Horizons Awards), initiative that is part of the bank's strategy to foment exports, internationalisation and innovation, in partnership with the Global Media Group and which has the institutional support of COTEC, AICEP and Universidade Católica (Catholic University). 
Bank Millennium, in Poland, was awarded the "POLITYKA CSR Silver Leaf 2018" for the fourth time, an award attributed to companies that implement Corporate Social Responsibility policies and practices in their daily activities. 
Signing of a Clearing and Settlement of Renminbi Business agreement with Bank of China Macau, reinforcing its presence in the Chinese market and becoming the 1st bank in Portugal considered a Participating Bank with access to the system of payments of Macau. 
Signing of the Acquiring Contract between Banco Comercial Português and ALIPAY, materialising the Memorandum of Understanding concluded in March 2018, for cooperation in the Portuguese market, becoming the 1st Portuguese bank to facilitate transactions between Chinese travellers and merchants in Portugal. 
Millennium bcp became the only Portuguese bank to join the Eurozone 120 Euronext VigeoEiris Sustainability Index, which includes eleven banks of the Euro Zone. 
Millennium bcp volunteers participate once again, at a national level, in the regular food collection campaign promoted by the Food Bank. 
Taking up of duties, on 23 July, of the Board of Directors elected at the Annual General Meeting of Shareholders held on 30 May. 
Announcement of the principal lines of the Strategic Plan 2018-2021.  
Signing of a long-term strategic partnership agreement between Millennium bim and Fidelidade, aimed at sustainable growth of the insurance sector in Mozambique. 
Presentation, by Bank Millennium, to the Financial Supervision Authority of Poland, of a request for the creation of a mortgage bank - Millennium Bank Hipoteczny - with registered office in Warsaw. 
BCP confirmed in the Ethibel Sustainability Index (ESI) Excellence Europe. 
S&P Global Ratings upgraded BCP's long-term issuer rating from BB- to BB.  
Moody's upgraded its long-term (deposits and senior debt) rating of BCP from B1 to Ba3. 
Millennium bim held on World Savings Day and within the scope of its Social Responsibility programme "Mais Moçambique pra Mim" (More Mozambique for me) an awareness raising action on saving habiots for more than 15 thousand students distributed among 35 schools nationwide. 
Millennium bim completed the 9th edition of the "Banking Olympics", a financial literacy project that aims to train the younger generations of consumers of financial services in Mozambique. 
Holding of the General Meeting of Shareholders on 5 November, attended by shareholders holding 62.1% of the share capital. In this meeting, the following deliberations were taken: i) Approval of the amendment of the articles of association, through modification of number 2 of article 54 of the Articles of Association of the Bank; ii) Approval of the reformulation of the equity headings with the special purpose of reinforcing future conditions for having funds that may be qualified, under the regulatory provisions, as distributable, through reduction of the share capital figure by 875,738,053.72 euros, with no alteration of the existing number of shares and no alteration of net worth, with the consequent amendment of number 1 of article 4 of the articles of association of the company. 
Registration of the new share capital of the Bank of 4,725,000,000 euros, at the competent Commercial Registry. 
Agreement announced by Bank Millennium for the acquisition from Société Générale Financial Services Holding, a subsidiary of Société Générale S.A., of a 99.79% stake in Euro Bank S.A., for a total estimated value of 1,833 million zlotys, implying a P/BV multiple of 1.20x (final acquisition price subject to the usual adjustments to the net asset value on the transaction date), to be paid in cash and financed entirely by Bank Millennium's own resources. 
Publication of the results of the Stress Tests conducted in the European Union in 2018 by the European Banking Authority (EBA). The stress test process was coordinated by the EBA and implemented in liaison with the ECB. In the case of BCP, the CET1 phased-in stood at 9.14% in the adverse scenario, a deterioration of 384 basis points relative to the end of 2017, comparing favourably with the average negative impact of 410 basis points for the 48 largest banks tested by the EBA (deterioration of 300 basis points, compared with 395 basis points, on a fully implemented basis). 
Millennium bcp launched an internal collection of coloured children's band-aids, painting books and coloured pencils, for children supported by ACREDITAR. 
Millennium bim rehabilitated, under its Social Responsibility programme "More Mozambique for Me", yet another school library, this time in the Primary School of Gorongosa. 
Fitch Ratings upgraded BCP's long-term issuer rating from BB- to BB. 
Signing of an agreement between Millennium bcp and UnionPay International, allowing Millennium bcp to issue UnionPay cards to its customers and to implement UnionPay QuickPass, as well as online payments in this service. 
Millennium bcp participated, once again at a national level, in the bi-annual food collection campaign promoted by the Food Bank. 
Millennium bcp launched an in-house action, "Millennium Solidário - Campanha de Natal 2018" (Millennium Solidarity - Christmas Campaign 2018), for the collection of basic goods, in support of Ajuda de Berço, in Lisbon, and of Cáritas, in Porto. 
Bank Millennium Poland was included, for the eleventh consecutive time, in the RESPECT Index - first index of socially responsible companies from Central and Eastern Europe. 
Rehabilitation by Bank Millennium, under its corporate voluntary work programme, of yet another primary school for children with special needs, this time in Gdansk. 

Main awards received in 2018