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Banco Comercial Português S.A.

Bank headquarters in Porto, Praça de D. João I, known as Palácio Atlântico
Company type	Public (Sociedade Anónima)
Traded as	Euronext Lisbon: BCP PSI-20 component
ISIN	PTBCP0AM0015
Industry	Banking, Financial services
Founded	1985
Headquarters	Porto, Portugal
Key people	Miguel Maya (CEO), Nuno Amado (Chairman of the supervisory board)
Products	Retail, corporate banking, investment banking, insurance, fund management
Net income	€856.0 million (2023)
Total equity	€7,299.5 million (end 2023)
Number of employees	15,688 (end, 2023)
Subsidiaries	ActivoBank [pt], Millennium bcp, Millennium BIM, Bank Millennium
Website	www.millenniumbcp.pt

Banco Comercial Português (BCP, lit. 'Portuguese Commercial Bank') is a Portuguese bank that was founded in 1985 and is the largest private bank in the country. BCP is a member of the Euronext 100 stock index and its current chief executive officer is Miguel Maya Dias Pinheiro. BCP is based in Porto, but its operations are headquartered in Oeiras, Greater Lisbon. It operates a branch brand-dubbed and restyled in 2004 as Millennium BCP as well as Banque BCP and ActivoBank.

It has nearly 4.3 million customers throughout the world and over 695 branches in Portugal. It was ranked at number 1,633 of the world's largest companies in 2023.

BCP has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.

History

BCP was founded in 1985 by Jardim Gonçalves and a group of investors from the Porto region.

Since 2004, it operates a branch brand-dubbed and restyled as Millennium BCP, following a process of amalgamating all the brand names and complete incorporation of all commercial structures of the group's retail banking:

• Nova Rede (the bank's brand for its own network of retail banking branches since 1989)
• Crédibanco (network of branches created by the BCP itself in 1993)
• Banco Português do Atlântico (acquired in 1995 and incorporated in 2000)
• Banco Mello (acquired in 2000 and incorporated in 2000)
• Banco Sotto Mayor (acquired in 2000)

Aborted merger with BPI (2007)

On 25 October 2007, a smaller Portuguese bank, BPI —Banco Português de Investimento ("Portuguese Investment Bank") offered a merger with BCP. The board of BCP initially refused as long as terms were not be revised. The merger talks failed and the two banks didn't reach an agreement.

Former operations in Canada

Bank of Montreal (BMO) purchased the Canadian division of BCP Bank in the summer of 2007. All branches in Canada remained BCP Bank branches until October 2007, when they became BMO branches. These branches continue to operate as specialty branches to Lusophone communities, including Azorean communities in Toronto, Ontario, except the Dundas Street West and University Avenue branches, which have turned towards the Chinese community.

Capital Consolidation

In 2012, Millennium in the middle of the European sovereign debt crisis, BCP received €3 billion in state support through the issuance of contingent convertible bonds with an interest rate of around 10%.

In 2014, Millennium BCP raised €2.25 billion in fresh capital through a rights issue reserved for shareholders. With the results of that the bank repaid €2.25 billion of the CoCo bonds.

As of 2015, Millennium BCP reported a profit of €235.3 million euros, returning to profits after four years of losses.

In 2017 the bank raised another €1.5 billion through a rights issue for shareholders as well as the direct sale of shares to Chinese conglomerate Fosun International. Immediately after that capital raising, Millennium BCP paid off the remaining €700 million in CoCo bonds, thereby regaining its autonomy from the state and ending any possibility of nationalization through a forced conversion of the bonds. The remaining funds from the rights issue will be used to strengthen the bank's capital ratios. The bank estimates it has contributed more than €1 billion to state coffers since 2012, mainly interest paid on the CoCo bonds.

Millennium BCP also operates in Africa through Millennium bim (Banco Internacional de Moçambique) in Mozambique and Banco Millennium Atlântico in Angola. One BCP branch is open in Macau, representative offices operate in Brazil, Switzerland, China, and the UK. As of 2023, BCP also owns 19% of Banque BCP in France (80% owned by Caisse d'Epargne Île-de-France).

Previously BCP operated in Greece (Τράπεζα Millennium Bank), Romania (sold to OTP Bank), and Turkey (Fibabanka). Banque Privée BCP (Suisse) was sold to Union Bancaire Privée in 2021.

Shareholder structure

As of 30 June 2018, BCP's main shareholders were Fosun International with 27.06%, Sonangol Group with 19.49%, Norges Bank with 2.544%, BlackRock with 3.39%, EDP Energias de Portugal with 2.11%, Credit Suisse with 1.30% and Millennium Management with 0.121%.

As of 31 December 2021, BCP's main shareholders are Fosun International with 29.95%, Sonangol Group with 19.49%, BlackRock with 2.68%, EDP Pension Fund with 2.06%. Portuguese shareholders hold 31.2% of the total shares of the bank. As of 30 June 2024, Fosun International held 20.03%, and Sonangol Group held 19.49%.

Millennium BCP Brand

The introduction of the new Millennium BCP brand, in 2004, represented the final stage of a process that formally began with the implementation of a new business model by the end of 2001, but had been triggered by the merger by incorporation of the Banks Atlântico, Mello and SottoMayor into BCP, in 2000, unifying 4 brands in one only brand known to the public—the Millennium brand. The brand, at the time of its launch, came to break with the standards implemented at the level of the Portuguese banking sector: a differentiating color, demonstrating innovation, modernity/youth, dynamism, and quality.

In one single night, BCP rebranded its entire commercial network, reopening in the next day surprising the market with its new color and designation.

The strategic option to implement a single brand was fundamentally due to efficiency reasons, as it would allow rationalizing the investment in several brands and the back offices to support each brand and ensure a designation that could be implemented in all geographies (one common identity).

Operations in Poland

Bank Millennium is BCP's network of branches in Poland. Bank Millennium was founded in 1989 when the Polish free market and democratic political transformations started. The bank was the first financial institution quoted on the Warsaw Stock Exchange (1992) and gained its present scale through mergers with other banks (in 1992 and 1997), as well as organic growth supported by the new business model, which has been developed in co-operation with its owner—the Portuguese bank Millennium BCP, which holds 51% of its shares. Bank Millennium, together with its subsidiaries in Poland, provides specialized financial services such as leasing, brokerage, and mutual funds, which makes it one of the largest banking groups in Poland.

See also

• List of banks in Portugal
• Estoril Open (tennis)

References

1. ^ "Earnings Presentation 2023" (PDF). Banco Comercial Português. Retrieved 27 February 2023.
2. Forbes site. "The World's Biggest Public Companies". Forbes. Retrieved 31 January 2018.
3. "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
4. "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
5. jornal de Notícias site. "The BCP pede 3,5 mil milhões de euros de empréstimo ao Estado". Retrieved 31 January 2018.
6. Portugal's BCP says to start repaying state funds early, Reuters (June 7, 2012)
7. dinheirovivo site. "BCP já pagou quase 700 milhões em juros de CoCos". Retrieved 31 January 2018.
8. "Annual Report 2015" (PDF). Banco Comercial Português. Retrieved 31 January 2018.
9. Observador site. "BCP já devolveu ao Estado os 700 milhões de euros que devia". Retrieved 31 January 2018.
10. ^ "2022 REPORT & ACCOUNTS" (PDF).
11. ^ "Internationalisation - Millennium bcp". ind.millenniumbcp.pt. Retrieved 2023-07-28.
12. "Nous connaître". Banque BCP (in French). Retrieved 2023-07-28.
13. "It's official: Portuguese group BCP sells Millennium Bank Romania to Hungary's OTP for EUR 39 mln". Romania Insider. 2014-07-30. Retrieved 2023-07-28.
14. "Credit Europe Bank NV acquires Turkey-based Millennium Bank AS". Times of Malta. 2010-02-18. Retrieved 2023-07-28.
15. "Annual Report 2016" (PDF). Banco Comercial Português. Retrieved 31 January 2018.
16. H1 2024 REPORT & ACCOUNTS. BANCO COMERCIAL PORTUGUÊS, S.A.
17. Fortunato Nini, Bruna Marisa (2012). Estratégias de crescimento na banca: Os casos do BCP e do BES (PDF) (PhD) (in Portuguese). ISCTE Business School, Instituto Universitário Lisboa, Departamento de Finanças. Retrieved 3 March 2018.

External links

• Official website
• Media related to Banco Comercial Português at Wikimedia Commons

v t e Banks of Portugal
Central bank	European Central Bank (Banco de Portugal)
major Portuguese banks	Caixa Geral de Depósitos Millennium BCP novobanco
Other retail banks & financial institutions	Banco Português de Investimento (owned by CaixaBank) Banco Santander Totta Banco CTT Crédito Agrícola EuroBIC Montepio
Defunct banks & financial institutions	Banco Espírito Santo Banco Português do Atlântico Banco Português de Negócios Banco Privado Português Banco Nacional Ultramarino Banif

v t e Selected PSI-20 companies of Portugal
Altri Banco Comercial Português Corticeira Amorim CTT Correios de Portugal EDP Group EDP Renováveis Galp Energia Jerónimo Martins Mota-Engil NOS Redes Energéticas Nacionais Semapa Sonae Teixeira Duarte The Navigator Company

v t e Members of the Euro Banking Association
Austria	Bank für Tirol und Vorarlberg BKS Bank Erste Group Bank Oberbank Oesterreichische Nationalbank Raiffeisen Bank International Raiffeisenlandesbank Oberösterreich UniCredit Bank Austria
Belgium	Belfius BNP Paribas Fortis bpost bank KBC Bank
Cyprus	Bank of Cyprus Hellenic Bank
Denmark	Danske Bank Spar Nord Bank Sparekassen Sjælland Sydbank
Finland	Aktia Bank Bank of Åland DnB Bank Nordea Bank Pohjola Bank S-Bank
France	BNP Paribas BPCE BRED Banque Populaire Crédit Agricole Crédit Mutuel Arkéa My Money Bank La Banque postale Société Générale
Germany	Bank of America Europe (USA) Bank of China (CHN) Berenberg Bank Commerzbank Deutsche Bank Deutsche Bundesbank DZ Bank Landesbank Baden-Württemberg Landesbank Hessen-Thüringen SECB Swiss Euro Clearing Bank Standard Chartered UBS Europe Unicredit
Greece	Alpha Bank Eurobank Ergasias National Bank of Greece
Hungary	OTP Bank
Ireland	Allied Irish Banks Bank of Ireland Elavon
Italy	Banca del Fucino Banca Monte dei Paschi di Siena Banca Popolare del Lazio Banca Popolare di Sondrio Banca Sella Banco BPM BFF Bank BPER Banca Cassa di Risparmio di Fermo Credito Emiliano ICCREA Banca Intesa Sanpaolo Raiffeisen Landesbank Südtirol UniCredit
Luxembourg	Spuerkeess Banque Internationale à Luxembourg Gazprombank Luxembourg (RUS)
Netherlands	ABN AMRO De Nederlandsche Bank ING Bank Rabobank
Portugal	Banco BAI Europa (AGO) Banco BCP Banco Montepio Crédito Agrícola
Slovenia	Bank of Slovenia
Spain	Abanca BBVA Banco Cooperativo Español Banco Sabadell Banco Santander Bankinter CaixaBank Cecabank Ibercaja Banco Kutxabank Unicaja Banco
Sweden	Handelsbanken SEB Swedbank
United Kingdom	Barclays Citibank Europe (USA) HSBC Bank JPMorgan Chase Bank, London Branch (USA) Lloyds Bank MUFG Bank (JPN) NatWest Wells Fargo (USA)

• Companies in the PSI-20
• Banks of Portugal
• Banks established in 1985
• Companies based in Porto
• Portuguese brands
• Multinational companies headquartered in Portugal
• Companies listed on Euronext Lisbon
• Banks under direct supervision of the European Central Bank
• Portuguese companies established in 1985