News
10.02.2010
Credit Europe Bank NV acquires Millennium Bank AS
Credit Europe Bank NV acquires a 95% stake in Turkey-based Millennium Bank AS, a subsidiary of Banco Comercial Português SA, for Euro 61.8 million. The bank will be rebranded as Credit Europe Bank AS, joining the Dutch bank’s international network that currently consists of banks in The Netherlands, Germany, Belgium, Malta, Russia, Romania, Switzerland, United Arab Emirates and Ukraine and liaison offices in Istanbul and Shanghai.
End of 2009, Millennium Bank SA had 310 employees and 18 branches and it reported a total balance sheet of Euro 495 million including Euro 315 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 (Affluent) banking.
The remaining 5% of the shares in Millennium Bank AS are part of a put and call mechanism between the buyer and the seller. This will allow Credit Europe Bank NV to buy this stake at a later stage.
TC Beriker, CEO of Credit Europe Bank NV: “We are excited by the prospect of entering the Turkish market. We aim to couple our existing experience and know-how in emerging markets with Turkey, a significant market that presents attractive opportunities. In the field of retail banking this acquisition will strengthen our capability to raise deposits outside the EU, while in corporate banking it will help us to gain a foothold in an important growth market. I am confident that we will be able to expand with our innovative products and services that effectively respond to the need of customers.”
Founded in 1994, Credit Europe Bank N.V. has grown towards a solid, international financial services group, ranked in the top 10 of Dutch banks with a total balance of around Euro 10 billion. Serving around three million customers worldwide with close to 6000 employees working from 190 branches, the Bank’s mission is to offer tailor-made corporate banking services and easy-to-use and efficiently delivered retail products.
Credit Europe Bank N.V. owns 96,28% shares of Credit Europe Bank in Russia. |
