Banco Comercial Português

Banco Comercial Português S.A.

Type	Sociedade Anónima
Traded as	Euronext: BCP
Industry	Banking, Financial Services
Founded	1985
Headquarters	Porto, Portugal
Key people	Nuno Amado (CEO), António Monteiro (Chairman of the supervisory board)
Products	Retail, business and investment banking, insurance, fund management
Revenue	€2.823 billion (2010)^[1]
Operating income	€293.3 million (2010)^[1]
Profit	€-740.5 million (2010)^[2]
Total assets	€100.01 billion (end 2010)^[1]
Total equity	€7.247 billion (end 2010)^[1]
Number of employees	21,770 (average, 2010)^[1]
Subsidiaries	Millennium BCP, Millennium BIM, Bank Millennium
Website	www.millenniumbcp.pt

Banco Comercial Português (BCP) (English: 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 Nuno Manuel da Silva Amado. 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 900 branches in Portugal. In 2008, it reported a profit of €201 million. It was ranked at number 453 in the 2007 Forbes Global 2000 list. However, by 2012, the bank was in deep financial stress and had to be rescued by a state bailout of 3 billion euros ($3.8 billion) in state funds it took from the country's IMF/EU bailout package.

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.

Insolvency and state bailout

In the middle of the European sovereign debt crisis, Portugal's largest listed bank Millennium bcp close last year with a core tier of 9,4%, beyond EU/IMF demands for 2011, but it was planning to raise more than that.^[3] CEO Nuno Amado told reporters after presenting first-quarter results the bank planned to “reinforce its capital beyond the minimum requirements” via a cash call and by resorting to a recapitalisation line for banks under Portugal's €78-bn EU/IMF bailout. He said the bank would rely more on the recapitalisation line than on cash call, but would not give more details. Analysts have said BCP needs around €3bn in new capital to meet the 9% target set by the European Banking Authority, but the raising rescue value, in line with neighbouring Spain bank Bankia, prompted fears of a deeper crisis in the Portuguese bank. On June 7, 2012, the bank was rescued by the Portuguese Government headed by Pedro Passos Coelho, through 3 billion euros ($3.8 billion) in state funds it toke from the country's IMF/EU bailout package.^[4]

Shareholder structure

As of 30 June 2009, BCP's main shareholders are Sonangol Group with 9.99%, Grupo Teixeira Duarte with 7.03%, Joe Berardo with 4.86% and Banco Sabadell with 4.43%.^[5]

Operations in Poland

A branch of Bank Millennium 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.

Controversies

In 2007, Millennium BCP faced turmoil amid probes of its accounts by Portuguese financial crime investigators, the central bank (BdP - Banco de Portugal) and stock market authorities (CMVM - Comissão do Mercado de Valores Mobiliários). The preliminary findings of an investigation by the CMVM stock market authority alleged the existence of several off-shore companies which Millennium BCP could have used to buy its own shares when it increased its capital in 2000 and 2001. The investigations were launched as a result of a complaint by a leading shareholder, José "Joe" Berardo, who owns 6.8% of the bank. He provided crime investigators with documents which, he alleged, showed that several offences had been committed. The documents provided by Berardo are said to prove various cases of fraud committed by various members of past boards of directors at the bank. The Economic Corruption and Financial Crime Investigative Committee, Direcção-Central de Investigação da Corrupção e Criminalidade Económica e Financeira (DCICCEF), was also to call Berardo, former temporary CEO Filipe Pinhal, former Chairman Jardim Gonçalves, shareholder Goês Ferreira, and former ousted CEO Paulo Teixeira Pinto, amongst others, to give or answer to evidence.

References

1 2 3 4 5 "Annual Report 2010" (PDF). Banco Comercial Português. Archived (PDF) from the original on 30 September 2011. Retrieved 24 July 2011.
↑ "BCP regista prejuÃzos de 740 milhões de euros em 2013 - Resultados - Jornal de Negócios". Jornal de Negócios. Retrieved 4 August 2014.
↑ "BCP fecha 2011 com prejuízos de 786 milhões - Empresas - Jornal de Negócios". Jornal de Negócios. Retrieved 4 August 2014.
↑ Portugal's BCP says to start repaying state funds early, Reuters (June 7, 2012)
↑ "Qualified Shareholdings" (PDF). Banco Comercial Português. 30 June 2009. Archived from the original (PDF) on 18 December 2009. Retrieved 28 November 2009.

External links

Official website

PSI-20 companies of Portugal

Altri Banco Comercial Português Banco Português de Investimento Banif CTT Correios de Portugal Energias de Portugal EDP Renováveis Galp Energia Impresa Jerónimo Martins Mota-Engil NOS Portucel Soporcel PHarol Redes Energéticas Nacionais Semapa Sonae Teixeira Duarte

Members of Euro Banking Association

Austria	Allgemeine Sparkasse Oberosterreich Bank für Tirol und Vorarlberg AG BKS Bank AG Erste Group Bank AG Oberbank AG Oesterreichische Nationalbank Raiffeisen Zentralbank Österreich AG Raiffeisenlandesbank Oberösterreich AG Raiffeisen-Landesbank Tirol AG Steiermärkische Bank und Sparkassen AG

Belgium	Dexia Bank NV KBC Bank NV Bank van De Post

Cyprus	Bank of Cyprus Hellenic Bank

Denmark	Amagerbanken A/S Arbejdernes Landsbank A/S Danske Andelskassers Bank A/S Danske Bank A/S DiBa Bank A/S Djurslands Bank A/S Jyske Bank A/S Nordjyske Bank A/S Nørresundby Bank Østjydsk Bank A/S Ringkøbing Landbobank Roskilde Bank A/S Skjern Bank Spar Nord Bank Sparekassen Sjælland Sydbank A/S Vestfyns Bank A/S Vestjysk Bank

Finland	Aktia Bank PLC Bank of Åland PLC Pohjola Bank PLC S-Bank LTD. Tapiola Bank LTD

France	Banque Michel Inchauspé - BAMI Banque Palatine BNP Paribas SA BPCE BRED Banque Populaire Crédit Agricole SA Crédit Coopératif Crédit du Nord Crédit Mutuel Arkéa Credit Mutuel CIC Banque HSBC France La Banque postale Natixis Société Générale

Germany	Berenberg Bank BHF Bank Bremer Landesbank Commerzbank AG Deutsche Bank AG Deutsche Bundesbank Deutsche Postbank DZ Bank AG Europe Arab Bank Frankfurt Hamburger Sparkasse AG J.P. Morgan Chase Bank AG Landesbank Baden-Württemberg Landesbank Berlin Holding Landesbank Hessen-Thüringen Oldenburgische Landesbank SECB Swiss EURO CLEARING Bank GmbH The Bank of New York Mellon, Frankfurt Branch VTB Bank (Deutschland) AG

Greece	Alpha Bank SA Eurobank Ergasias SA National Bank of Greece SA Piraeus Bank SA

Hungary	Magyar Nemzeti Bank OTP Bank FHB Mortgage Bank Merkantil Bank Kereskedelmi és Hitelbank Magyar Takarékszövetkezeti Bank MKB Bank Porsche Bank Hungaria Kinizsi Bank MagNet Bank Hanwha Bank Budapest Hitel- és Fejlesztési Bank

Ireland	Allied Irish Banks Bank of Ireland

Italy	Banca Agricola Popolare di Ragusa Banca del Fucino Banca del Piemonte Banca delle Marche Banca di Imola Banca Monte dei Paschi di Siena Banca Nazionale del Lavoro Banca Popolare del Lazio Banca Popolare dell'Emilia Romagna Banca Popolare di Milano Banca Popolare di Sondrio Banca Popolare di Vicenza Banca Sella Banca Tercas Banco Popolare Cassa di Risparmio della Provincia di Chieti Cassa di Risparmio di Cesena Cassa di Risparmio di Fermo Nuova Cassa di Risparmio di Ferrara Cassa di Risparmio di Loreto Cassa di Risparmio di Ravenna Credito Emiliano Credito Valtellinese ICCREA Banca Intesa Sanpaolo Istituto Centrale delle Banche Popolari Italiane Raiffeisen Landesbank Südtirol – Cassa Centrale Raiffeisen dell'Alto Adige Südtiroler Volksbank – Banca Popolare dell'Alto Adige UBI Banca UniCredit Veneto Banca

Luxembourg	Banque et Caisse d'Épargne de l'État Banque Raiffeisen Banque Internationale à Luxembourg SA KBL European Private Bankers Société Générale Bank & Trust

Netherlands	ABN Amro Bank NV De Nederlandsche Bank ING Bank NV Rabobank Nederland

Poland	Bank BPH SA Narodowy Bank Polski

Portugal	Banco BPI SA Banco Comercial Português Crédito Agrícola Caixa Geral de Depósitos Novo Banco

Slovenia	Banka Slovenije

Spain	Banco Bilbao Vizcaya Argentaria, S.A. Banco Popular Español, S.A. Banco Sabadell, S.A. Bankinter, S.A. Banco Santander, S.A. CaixaBank, S.A. (La Caixa) Catalunya Banc, S.A. (CatalunyaCaixa) Kutxabank, S.A. ABANCA Corporación Bancaria, S.A. (Abanca) Caja Laboral Popular, Cooperativa de Crédito (Caja Laboral) Banco Cooperativo Español, S.A. (Caja Rural) CECABANK, S.A.

Sweden	Skandinaviska Enskilda Banken Svenska Handelsbanken Swedbank AB Nordea Bank AB

United Kingdom	Bank of Tokyo-Mitsubishi UFJ Ltd. Barclays Bank PLC Citibank NA DNB Bank (NOR) HSBC Bank PLC JPMorgan Chase Bank, N.A., London Branch Kookmin Bank International Ltd. Lloyds Bank PLC MashreqBank psc (UAE) Royal Bank of Scotland PLC UBS AG Wells Fargo Bank NA

Non-EU	Bank of China (CHN)

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