Credit Europe Bank NV acquires Millennium Bank AS, re-enters Turkey
Bucharest, 10th February 2010
Credit Europe Bank NV has agreed to acquire a 95% stake in Turkey-based Millennium Bank AS, a subsidiary of Banco Comercial Português SA for Euro 61.8 million. The acquisition is subject to approval of Dutch and Turkish regulatory authorities and the take-over process is expected to be finalized until the end of June 2010. There is further share selling option of BCP for the remaining 5% of the Bank's shares.
End of 2009, Millennium Bank AS Turkey had 310 employees serving its customers via 18 branches and it reported a total balance sheet of Euro 495 million including Euro 315 million of customer deposits. The bank is authorized to perform all types of commercial banking services and operates in corporate banking and in upper segment retail banking. The Turkish market presents significant opportunities in retail banking and will allow Credit Europe Group to gain an important foothold in the field of corporate banking. The bank will be rebranded as Credit Europe Bank AS, joining the ranks of Credit Europe Bank's banking network in The Netherlands, Germany, Switzerland, Romania, Belgium, Russia, Malta, United Arab Emirates and Ukraine. Credit Europe Bank NV is among top 10 banks in The Netherlands, with a total assets size of EUR 10 billion and more than 3 million clients.
For any additional information, please contact Mrs. Simina Patrascoiu, Communication Manager simina.patrascoiu@crediteurope.ro and Ms Alexandra Dimancea, PR & Communication Coordinator alexandra.dimancea@crediteurope.ro.