Management Report

Millennium bcp is the largest Portuguese privately-owned bank on business volumes, with a relevant position in the countries where it operates. At the end of 2019, the Bank had over 2.4 million active Customers in Portugal and over 5.6 million active Customers at Group level, being represented abroad through its banking operations, representation offices and/or commercial protocols.

Banco Comercial Português, S.A. is the largest Portuguese private sector bank. 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 holds a prominent position in Africa through its banking operations in Mozambique (in Angola, Banco Millennium Angola – BMA merged with Banco Privado Atlântico – BPA) and in Europe through its banking operations in Poland and Switzerland. Since 2010, the Bank operates in Macau through a full branch. All its banking operations develop their activity under the Millennium brand. The Group also ensures its international presence through representation offices and/or commercial protocols.

In Portugal, Millennium bcp is the largest private sector banking institution on business volumes, with a leading position and particular strength in various financial products, services and market segments based on a modern branch network with nationwide coverage. The Bank also offers remote banking channels (banking service by telephone, mobile banking and online), which operate as distribution points for its financial products and services.

The activity in the domestic market 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 Massmarket Customers, and through the innovation and personalised management of service for Prestige, Business, Companies, Corporate and Large Corporate Customers. Retail Banking also operates through Activobank, a bank aimed specifically at Customers who are young in spirit and prefer a banking relationship based on simplicity and offering innovative products and services.

At the end of 2019, the Bank had 506 branches in Portugal (including 1 branch in Macao), serving over 2.4 million Customers, and held market shares of 17.1% in loans to Customers and 17.8% in Customer deposits.

The BCP share is part of more than 50 domestic and international stock exchange indexes among which we point out the Euronext 150, the PSI 20 and the PSI Geral.

Main operations



million Customers


total assets


total loans and advances to Customers (gross)


total Customer funds


share in loans and advances to Customers


share in Customer deposits



thousand Customers


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.



million Customers


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-to-Core Income



Cost of risk


72 b.p.




Main events in 2019

Issue of perpetual subordinated notes qualified as Additional Tier 1, in the amount of Euro 400 million and with no defined tenor, with a call option from the end of the fifth year and an interest rate of 9.25% per year during the first 5 years. 
Bank Millennium has received the consent of Poland's Office for Competition and Consumer Protection to take over control of Euro Bank. 
Millennium bcp and the Development Finance Institution have established an agreement for a Euro 60 million lending line to finance medium-sized companies. 
In a joint initiative with the Municipality of Cascais, more than 50 Millennium volunteers planted 400 trees in the natural reserve of Sintra Cascais. 
Upgrade by one notch of the long-term deposit ratings by DBRS, reflecting the introduction of full depositor preference in bank insolvency and resolution proceedings in Portugal, following the implementation of Law No. 23/2019 from 14 March 2019. 
Millennium bcp and the European Investment Fund (EIF) have signed two agreements under the European Commission's COSME and InnovFin programs, providing a Euro 500 million financing line, for more than 1,150 Small and Medium-sized Enterprises (SMEs) in Portugal. An extension of the InnovFin agreement, providing an additional Euro 400 million to more than 750 innovative SMEs and mid-caps in Portugal was also signed. 
Millennium bcp and Credit Insurer COSEC signed an agreement to distribute credit insurance in Millennium bcp's branches. 
Millennium bcp was in the first line of emergency response to the victims of the cyclone Idai in Mozambique. To complement the financial aid granted by the Bank, in the amount of 50,000 Euros, the Employees of Millennium bcp also participated in this collective effort through a partnership with the Association HELPO by collecting tons of essential goods to be donated to the people affected by this natural disaster. 
Upgrades of deposit ratings to Ba1 and senior debt rating to Ba2 made by Moody's on April 1. 
Bank Millennium in Poland was awarded with the “POLITYKA CSR Silver Leaf 2019”, an award attributed to companies that implement Corporate Social Responsibility policies and practices in their daily activities. 
Millennium bim offered a drinking fountain to the population of Namialo in the Province of Nampula, in Mozambique, providing access to drinking water to a population of more than 5,000 inhabitants. 
Annual General Meeting of Shareholders, on May 22, with 64.59% of the share capital represented and the following resolutions: approval of the individual and consolidated annual report, balance sheet and financial statements of 2018, including the Corporate Governance Report and the proposal for the appropriation of profits for the 2018; approval of the cooptation of Fernando Costa Lima as member of the Board of Directors and of the Audit Committee for the exercise of functions in the term-of-office ending in 2021; appointment of Cidália Maria da Mota Lopes as Chairperson of the Audit Committee to exercise functions during the term-of-office ending in 2021; election of Nuno Maria Pestana de Almeida Alves as member of the Remunerations and Welfare Board; election of Deloitte & Associados - Sociedade de Revisores Oficiais de Contas, S.A., that selected Mr. Paulo Alexandre de Sá Fernandes, ROC nr. 1456, to represent it, as the Single Auditor, and of Mr. Jorge Carlos Batalha Duarte Catulo, ROC nr. 992, as his alternate, during the two-year term-of-office 2019/2020; selection of Deloitte & Associados – Sociedade de Revisores Oficiais de Contas, SA to perform functions of External Auditor in the 2019/2020 two-year period. 
On May 31, Bank Millennium S.A., a subsidiary in which BCP owns a 50.1% stake, announced having completed the acquisition of shares representing 99.787% of the share capital of Euro Bank S.A. 
Millennium bcp volunteers participated, in the nation-wide food collection promoted by the Food Bank. 
On June 19, BCP announced, that it was evaluating the merger of its wholly-owned subsidiary Banco de Investimento Imobiliário, S.A. by incorporation into Banco Comercial Português, S.A., to be effective until year-end 2019. 
Upgrade of issuer rating to investment grade, made by DBRS, on June 3. 
Bank Millennium in Poland, one of the leading companies in the management of Corporate Social Responsibility policies and practices, was part of the Socially Responsible Companies ranking, once again in 2019. 
Upgrade of deposits rating to investment grade, made by Moody's. 
The 5th edition of the "Financial ABC" financial literacy program from Bank Millennium in Poland, aimed to children in pre-school age came to an end. This program provided knowledge to more than 10.000 students from 120 kindergartens throughout the country. 
Millennium bim in Mozambique, held the 14th edition of the Mini Basketball Tournament, involving more than 2,000 athletes, aged between 6 and 11 years old, from 11 'provinces of Mozambique. 
Millennium bcp, within the scope of its sustainability strategy, subscribed the “Engagement Letter for the Sustainable Funding in Portugal”, an initiative targeted at contributing for the promotion and development of the financing of Carbon Neutrality until 2050. 
Approval of the merger of Bank Millennium S.A. with Euro Bank S.A., on 27 August 2019, on the Extraordinary General Meeting of Bank Millennium S.A., in which 216 shareholders participated, representing 78.53% shares in the Bank’s shareholders’ equity. 
Launching of an innovative new service in Portugal that allows the opening of accounts using only the Portuguese Citizen ID Card. 
Within the scope of its corporate volunteering program, Bank Millennium rehabilitates another elementary school for children with special needs, this time in Mońki, Poland. 
Approval of the merger of Bank Millennium S.A. with Euro Bank S.A. by the Polish supervisor (KNF). 
Pursuant to the negotiation process with the unions that subscribed to the collective bargaining agreements of the BCP Group for the revision of the salary tables and other cash clauses for 2018 and 2019, an agreement was reached with the “Sindicato dos Bancários do Sul e Ilhas” and the “Sindicato dos Bancários do Centro”. 
Agreement reached for the mediation proposal presented by the “Direção-Geral do Emprego e das Relações de Trabalho”, resulting on the update of the 2018 salary tables and cash clauses of the employees affiliated with the “Sindicato dos Bancários do Norte”, the “Sindicato Nacional dos Quadros Técnicos Bancários” and the “Sindicato Independente da Banca”. The agreement for the revision of the 2019 salary tables and cash clauses is still pending with these unions. 
Notification by the Portuguese Competition Authority of the decision to impose a fine in proceedings related to alleged restrictive competition practices regarding the sharing of sensitive commercial information between credit institutions, in the mortgage lending, consumer lending and corporate credit segments. The fine imposed on BCP amounted to 60 million euros. 
New issue of medium-term subordinated notes in the amount of 450 million euros, with a tenor of 10.5 years, with the option of early redemption by the Bank at the end of 5.5 year, and an annual interest rate of 3.871 per cent (corresponding to a spread of 4.231 per cent over the 5.5-year mid-swap rate), as part of the Millennium bcp’s strategy of optimizing its capital structure and of reinforcing its presence in the international capital markets. 
As part of its sustainability strategy, Millennium bcp has signed the “CEO Guide for Human Rights”, an initiative of the World Business Council for Sustainable Development and the Business Council for Sustainable Development (Portugal). 
Millennium bim sets-up a library in the Elementary School of Siaia, in the province of Gaza, Mozambique, for more than 3.000 students. This is the result of another volunteering action under the 10th edition of the Banking Olympics. 
Millennium bim sponsored the first Mozambican Opera, - "O Grito de Mueda" -, which has premiered at the Cultural Centre of Eduardo Mondlane University, in Maputo. 
The legal merger of Bank Millennium S.A., with Euro Bank S.A. was completed on 1 October 2019. 
The long-term issuer rating was affirmed by S&P at BB and the outlook was revised to positive from stable on 10 October 2019. 
Long-term issuer default rating was affirmed by Fitch at BB and the outlook was revised to positive from stable on 30 October 2019. 
Millennium bim rehabilitated an elementary school destroyed by Cyclone Idai, in the district of Búzi, with funds raised through a solidarity campaign launched with customers and employees of the bank in Mozambique. 
Conpetion of the integration of Eurobank S.A. into Bank Millennium S.A. 
Confirmation of Millennium bcp in the index of the 200 most sustainable companies in Europe, according to the sustainability index “Ethibel Sustainability Index (ESI) Excellence Europe”. 
Millennium bcp launched an internal inititive for the collection of colourful child sticking plasters, painting books and pencils for the children supported by the association ACREDITAR. 
Decision of the European Central Bank (ECB) regarding minimum prudential requirements to be fulfilled on a consolidated basis from January 1st, 2020, based on the results of the Supervisory Review and Evaluation Process (SREP) with the Pillar 2 requirement for BCP set at 2.25%, the same value as for 2019. 
Bank of Portugal informed on its capital buffer requirement as “other systemically important institution” (O-SII), 1.00%, to be complied with from January 1st, 2022 (currently this requirement stands at 0.563%, being subject to a phased-in period). 
On December 27, 2019, the merger deed of Banco de Investimento Imobiliário, S.A., a wholly-owned subsidiary of Banco Comercial Português, S.A., by incorporation into the latter, was signed, thus concluding process of incorporation of Banco de Investimento Imobiliário, S.A. into Banco Comercial Português, S.A. 
Bank Millennium in Poland was included in the WIG-ESG index of the Warsaw Stock Exchange as a recognition for the work developed in environmental, social, economic and corporate governance issues. 
Millennium bcp participated with 120 volunteers in the nation-wide food collection campaign promoted by the Food Bank and held every six months. 
Millennium bcp launches the internal action for the collection of donations “Millennium Solidário – Campanha de Natal 2019", in favour of the children supported by Fundação Make-A-Wish. 
Millennium bcp subscribes the Business Mobility Pact for the City of Lisbon, a joint initiative from the Municipality of Lisbon and BCSD Portugal wherein it assumes the commitment to specific actions for a more sustainable mobility in the region of Lisbon. 

Main awards received in 2019