Portuguese bank Millennium BCP will enter the Romanian market on October 11. It plans to open 40 units here, according to Forbes. The Bank will invest about 40 million euro in 2007 and by 2011 the total investments will amount to 200-250 million euro.
The Bank targets medium sized companies and will process retail banking operations.
Millennium Bank expects to become profitable by 2011 while for 2007, the estimated losses would total some 30 million euro.
According to Forbes, Millenium has planned to join the Romanian market for a long time now as in 2005 it wanted to take over Romania's biggest banking group, BCR, but failed.