Millennium Bank granted €37 mln in loans in three months

The Romanian branch posted €25.9 mln in net losses in 2007. Millennium began operations in Romania following an initial investment of €40 million in 39 branches. By the end of December 2007, the bank had 40 branches in Romania, according to the report.

The document notes that Romania has some risks related to macroeconomic conditions, but “the banking market will be subject to strong medium and long-term growth.” Macroeconomic imbalances are impacting on the development of the Romanian financial markets, adds the bank’s financial report.

The report further shows that Millennium had an overall 28.4 percent decline in profits, down to €653.3 mln, due to costs relating to a failed merger attempt with Portuguese lender Banco BPI and expenses caused by the departure of the managerial team following a financial scandal involving alleged illegal loans.