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.
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.
At the end of 2020, the Bank had over 2.4 million active Customers in Portugal and market shares of 17.5% in loans to Customers and 18.1% in Customer deposits.
Activity per segments
Millennium bcp conducts a range of banking activities and financial services in Portugal and abroad, with special focus on Retail Banking, Companies Banking and Private Banking business.
Retail Banking
Retail Network of Millennium bcp (Portugal)
Retail Recovery Division
Bank ActivoBank
Companies, Corporate & Investment Banking
Companies and Corporate Network of Millennium bcp (Portugal)
Specialised Recovery Division
Interfundos
Large Corporate Network of Millennium bcp (Portugal)
Specialised Monitoring Division
Investment Banking
Trade Finance Department(*)
Private Banking
Private Banking Network of Millennium bcp (Portugal)
Millennium Banque Privée (Switzerland) (**)
Millennium bcp Bank & Trust (Cayman Islands) (**)
Foreign Business
Bank Millennium (Poland)
BIM – Banco Internacional de Moçambique
Banco Millennium Atlântico (***)
Millennium Banque Privée (Switzerland) (**)
Millennium bcp Bank & Trust (Cayman Islands) (**)
Other
Comprises the activity carried out by Banco Comercial Português, S.A. not included in the commercial business in Portugal which corresponds to the segments identified above, including the activity carried out by Macao branch. Also includes all other business and unallocated values in particular centralized management of financial investments, corporate activities and insurance activity.
(**) For the purposes of business segments, Millennium Banque Privée (Switzerland) and Millennium bcp Bank & Trust (Cayman Islands) are included in the Private Banking segment. In terms of geographic segments, both operations are considered Foreign Business.
(***) Consolidated by the equity method.
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
Main operations
2.4
Million
Customers
71%
Total
assets
69%
Total loans and advances to Customers (gross)
70%
Total Customer
funds
17.5%
Share in loans and
advances to Customers
18.1%
Share in Customer
deposits
Mozambique
Millennium bim,
a highly reputed Bank.
856
Thousand Customers
16.8%
Share in loans and
advances to Customers
24.2%
Share in Customer
deposits
Angola
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.
2.4
Million Customers
6.1%
Share in loans and
advances to Customers
5.3%
Share in Customer
deposits
Key figures
CET 1 – Fully-implemented
12.2%
Loans to deposits
85%
Cost-to-incomeⓘ
46.5%
Cost-to-core incomeⓘ
48%
Cost of risk
91 b.p.
RoE
3.1%
Main events in 2020
Millennium bcp has supported the economy in 2020, marked by the effects of the Covid-19 pandemic, and is prepared to continue to support the Portuguese economy in the energy transition process and in the green recovery and in a post-pandemic scenario, to support its sustainable, inclusive and resilient recovery.
Below are some of the main events carried out by the Bank in the past year:
Covid-19 pandemic initiatives
- Launch of state guaranteed lines and moratoria;
- Participation in the donor conference, being part of the Portuguese contribution to the EU's effort to find a vaccine and treatment for Covid-19;
- Support to the NHS through initiatives such as the “United for Survival” campaign, the conversion of Curry Cabral Hospital and the construction of the Lisbon Hospital Contingency Structure, among others;
- Integration into the Portugal #EntraEmCena movement, which brings together artists and public and private companies, in support of Culture;
- Miillennium bcp Foundation supports the Food Emergency Network of the Food Bank against Hunger, reinforcing its annual contribution;
- Millennium Festival ao Largo, this year at the National Palace of Ajuda, complying with security rules while taking the best of classical music and ballet to the public;
- Adherence to the “Lisboa Capital Verde Europeia 2020 – Ação Climática 2030 – Lisbon Green European Capital 2020 - Climate Action 2030” commitment, contributing to a collective dynamic in favor of climate action and towards sustainability;
- Inclusion, for the first time, in the Bloomberg Gender-Equality Index 2020, joining the group of companies that worldwide stand out in the implementation of gender equality, diversity and inclusion practices and policies;
- Publication of the 1st Progress Report on Millennium bcp's contribution to the United Nations Sustainable Development Goals (SDGs) in the context of the Bank's Sustainability Master Plan;
- Subscription to the "Statement from Business Leaders for Renewed Global Cooperation", an international statement by the United Nations Global Compact that testifies to the commitment to ethical leadership, based on governance values and good practices.
Other events
- On April 3, Fitch Ratings affirmed BCP’s LongTerm Rating of ‘BB’ (“IDR” – Issue Default Rating) and its Intrinsic Rating of ‘bb’ (“VR” – Viability Rating), and revised the Outlook to Negative from Positive, reflecting the uncertainty related to the coronavirus crisis. Fitch Ratings also assigned a ‘BB-’ rating to the Bank’s senior non-preferred debt and a ‘B+’ rating to its tier 2 debt, according to Fitch’s new rating methodology for banks. On the same date, Fitch also assigned a ‘BB+’/ ‘B’ rating to the Bank’s deposits, one notch above the Long-Term IDR, reflecting the view of Fitch Ratings that depositors enjoy a superior level of protection;
- On April 8, Standard & Poor’s affirmed the long-term rating of the Bank at ‘BB’ (“ICR” – issuer credit rating) and its intrinsic rating at ‘bb’ (“SACP” – stand-alone credit profile), and has revised the long-term outlook to Stable from Positive, based on the uncertainty related to the coronavirus outbreak;
- On April 21, BCP changed the conditions related to the issue of Covered Bonds with ISIN PTBCQLOE0036, namely the amount, from 2,000,000,000 euros to 4,000,000,000 euros, aiming to increase the assets portfolio eligible for discount with the ECB;
- On May 20, the Bank completed its Annual General Meeting of Shareholders, exclusively through electronic means, with 61.31% of the share capital represented. The following resolutions are worth-mentioning: - Approval of the management report, of the individual and consolidated annual report, of the balance sheet and of financial statements of 2019, including the Corporate Governance Report;
- On May 28, DBRS affirmed the ratings of BCP and has revised the trend to Negative from Stable, based on the uncertainty related to the coronavirus pandemic;
- On 9 September, the Bank has informed that has decided not to continue the legal proceeding before the General Court of the European Union with a view to partially annul the European Commission’s decision regarding its approval of the Contingent Capitalisation Mechanism of Novo Banco;
- On 15 December, the Bank has informed about minimum prudential requirements, whereas the requirement for total own funds remained unchanged. The capital requirements to be observed as from 1 January 2021 resulted in the following minimum ratios as a percentage of risk weighted assets (RWA): CET1 of 8.83%, Tier 1 of 10.75% and Total capital of 13.31% in phased-in and CET1 of 9.27%, Tier 1 of 11.19% and Total capital of 13.75% in fully implemented. Buffers included the conservation buffer (2.5%), the countercyclical buffer (0%) and the buffer for other systemically important institutions (O-SII: 0.563%). BCP was granted an additional year (January 1, 2023) for the gradual fulfillment of the future O-SII reserve requirement of 1.00%, as communicated by Banco de Portugal on its website on May 8, 2020. BCP complies comfortably with the minimum capital ratio requirements for CET1, Tier 1 and total ratio.
- Approval of the proposal for the appropriation of profit regarding the 2019 financial year;
- Approval of the remuneration policy of Members of Management and Supervisory Bodies;
- Re-appointment of the elected members of the Board of the General Meeting of Shareholders of Banco Comercial Português, S.A., for the four-year term of office 2020/2023 (Chairman: Pedro Miguel Duarte Rebelo de Sousa and Vice-Chairman: Octávio Manuel de Castro Castelo Paulo).
Subsequent events
- On 5 February 2021, issued of senior preferred debt, in the amount of €500 million, with a tenor of 6 years, with the option of early redemption by the issuer at the end of year 5, an issue price of 99.879% and an annual interest rate of 1.125% during the first 5 years (corresponding to a spread of 1.55% over the 5-year mid-swap rate). The annual interest rate for the 6th year was set at 3- month Euribor plus a 1.55% spread.
Main awards received in 2020
These awards are the exclusive responsibility of the entities that awarded them.