BCP plans to invest about 300 mln eur by 2011 in Romania

BCP plans to invest about 300 mln eur by 2011 in Romania

	Published : Fri, 01 Jun 2007 11:55 By : Agencies Print this Story

LISBON (Thomson Financial) - Banco Comercial Portugues plans to invest about 300 mln eur by 2011 to set up 100 branches of a new bank in Romania, following its failed bid for BCR the leading bank in that country, BCP said today.

At a presentation on its international operations during its investor day BCP also set targets for its operations in Poland, Greece, Angola and Mozambique.

In Romania, the bank plans to invest 40 mln eur in 2007 and an additional 200-250 mln eur by 2011, focusing on urban centres. It estimates a loss of 30 mln eur in 2007 but aims to break-even in 2011. The planned date is set for September 2007.

The bank said that in Romania, which will 'become a relevant growth driver for the Millennium group', it will focus on the corporate and affluent segment and consumer finance. It will launch with 40 branches in 2007, expanding to 100 by 2011.

In Poland, BCP aims to expand its franchise focusing in retail banking, consumer finance and corporate banking. It plans to open 220 new branches by 2010.

In Greece, the bank plans to expand to 210 branches by 2008 from 140 in 2006, and wants to 'more than double its current market share' and achieve a 6 pct share in Greece. In that country BCP focus is in retail, business banking and private banking.

In Angola, BCP wants to increase business volumes in the corporate and affluent segments and will consider expanding to retail through a nationwide branch network. Its network of 7 branches is expected to reach 18 by year-end. It added that, since its initial investment of 32 mln eur in the second quarter of 2006, the Angolan operations have been profitable. By 2010, it expects to have 37 new branches.

As for Mozambique, the bank expects to open 55 new branches by 2010.

luis.morais@thomson.com

lm/ejb

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