Portugal’s Millennium BCP is considering a stake sale of about 10% in Poland’s Bank Millennium to improve its capital.
BCP currently owns 65.5% of Bank Millennium and the stake considered for sale is valued at about $300m.
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BCP is considering a partial sale as one of the options as it wants to maintain majority control over the Polish bank.
BCP, which failed ECB’s stress checks that measured its 2013 end accounts, said that the decisions taken this year by the bank are sufficient to cover the 1.14bn capital gap identified in the test, and it does not need to raise capital or sell strategic assets.
The bank added that its capital ratio has been improved by its operating profit this year, with asset sales and securitization of energy rights.
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