Portugal's Banco Comercial Portugues is to hold a 65.5% stake in Poland's Bank Millenium, having received clearance to acquire an additional 15.5% of the bank's share capital.
Banco Comercial Portugues (BCP) will acquire 131,701,722 shares of the Polish bank, corresponding to 15.51% of its share capital and voting rights, at the price of PLN7.30 per share, thus increasing its participation to 556,325,794 shares, or 65,51% of the share capital and voting rights.
This stake increase corresponds to a total investment of PLN961.4 million.
The purchase is in line with BCP’s strategy to expand into the Polish market, as well as conforming to Bank Millenium’s strategy to increase scale and improve profitability in retail activity, develop corporate banking activities and leverage on operating synergies through cooperation with BCP.
BCP has indicated no intentions to withdraw the shares from trading in the Warsaw Stock Exchange.