Credit Europe Bank NV completes acquisition of Millennium Bank AS
28.12.2010
Credit Europe Bank NV has completed the acquisition of a 95% stake in Turkey-based Millennium Bank AS, a subsidiary of Banco Comercial Português SA (BCP), for a total adjusted price of €58.9 million. The new bank will be rebranded within 6 months and will join the Dutch Bank’s international network that currently consists of branches and subsidiaries in The Netherlands, Germany, Belgium, Malta, Russia, Romania, Switzerland, Ukraine and the United Arab Emirates.
Credit Europe Bank announced its intention to acquire Millennium Bank AS early 2010. End of September 2010, Millennium Bank AS had 294 employees and 18 branches and it reported a total balance sheet of around €467 million including €327 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. Credit Europe Bank NV may acquire the remaining 5% of the shares in Millennium Bank AS at a later stage, subject to a put and call option mechanism agreed with BCP.
Maarten Hulshoff, Chairman of the Supervisory Board of Credit Europe Bank NV: “This acquisition will be an important step, adding a promising franchise to Credit Europe Bank. I am confident that our experienced management will be able to expand in this market with our innovative products and services that effectively respond to the needs of customers.”
From 1987 until 2006, FIBA Holding AS, the parent of Credit Europe Bank NV, had been active in Turkey under the name Finansbank AS. After growing to the fifth largest private bank in Turkey, this entity was sold in August 2006 to the National Bank of Greece SA.
Background Credit Europe Bank
Credit Europe Bank NV is an international financial services group, ranked in the top 10 of Dutch commercial banks with more than 6’000 employees serving 3 million customers. The Bank is offering easy-to use and efficiently delivered retail banking products through approximately 200 branches and 14’000 sales points in Belgium, Germany, Malta, the Netherlands, Romania, Russia, Turkey and Ukraine. The Bank also offers trade finance and corporate banking services through its network in these countries as well as in Switzerland, the United Arab Emirates and China.