Bank Millennium (BC Portugues)

Founded in 1989 as Bank Inicjatyw Gospodarczych BIG SA, the bank has been a member of Millennium Group (Portugal) since 2003 and operating as Bank Millenium. Bank Millenium is a nationwide universal bank offering its products and services through indirect (chain of branches) and direct channels (the Internet, phone and mobile) to private customers, to self-employed professionals, small- and medium-sized enterprises and large companies.

Contacts 
    Address  ul. Stanisława Żaryna 2A, 02-593, Warszawa, Poland
    Phone  +48 22 598-40-40
    Website  http://www.bankmillennium.pl/
Member of Group   Millennium BCP (Portugal)
Business Description 
    Services  retail banking
private banking
corporate banking
insurance
    Products  current accounts
debit cards
credit cards
savings accounts
time deposit accounts
investment funds
consumer loans
mortgage loans
Start Date  July 1989
Financial Positions
    Total Assets (2015)  66 235.00 mln PLN ↑ (+9.05%)
    Total Equity (2015)  6 443.00 mln PLN ↑ (+11.76%)
Profit and Loss
    Net Income (2015)  547.00 mln PLN ↓ (-15.98%)
Number of Employees (2015)  5 911 ↓ (-3.23%)
Credit Ratings (as of Apr 2016)
    Fitch  BBB- (good credit quality)
    Moody's  Ba1 (non-investment grade speculative)
    S&P's  - (not rated)
Deposit Guarantee  Yes (up to 100 000 EUR per depositor)
Bank Identifiers
    BIC (SWIFT)  BIGBPLPWXXX
    MFI ID  PL00116
    Bank Sort Code  11600006

Products

Current Accounts

Current accounts are non-interest bearing deposit accounts that are used to perform day-to-day banking transactions. Annual costs of having a current account (also known as account management fees) can depend on monthly income input to the account or amount of money deposited into the account. The following current account products are offered by Bank Millennium (BC Portugues):

ProductAccount CurrencyAnnual Costs (PLN)Debit CardCredit CardProduct Link
 Konto 360° [PL]PLN96.00View Product
 Konto 360° [PL]PLN96.00View Product
 Konto 360° [PL]PLN96.00View Product
 Konto 360° [PL]PLN96.00View Product

[PL] This product is offered to Polish residents only. When clicking on the product link you will be redirected to the product page in Polish.

See Also: Current Accounts in Poland

Financial Positions

In 2015 total assets of Bank Millennium (BC Portugues) were 66 235.00 mln PLN. Growth compared to the previous period (2014) was 9.05%. The evolution of the total assets of Bank Millennium (BC Portugues) is shown at Chart 1 below.

Total Assets of Bank Millennium (BC Portugues).
Chart 1. Total Assets of Bank Millennium (BC Portugues).

Recent changes in total assets of Bank Millennium (BC Portugues) and its main components are shown in Table 1.

2014 2015 % change
Loans 45 501.0 47 830.0 +5.12% ↑
Total Assets 60 740.0 66 235.0 +9.05% ↑
Table 1. Recent changes in total assets of Bank Millennium (BC Portugues) (mln PLN).

Recent changes in total liabilities of Bank Millennium (BC Portugues) and its main components are shown in Table 2.

2014 2015 % change
Deposits 47 591.0 52 810.0 +10.97% ↑
Total Liabilities 60 740.0 66 235.0 +9.05% ↑
Table 2. Recent changes in total liabilities of Bank Millennium (BC Portugues) (mln PLN).

Profit and Loss

In 2015 net income of Bank Millennium (BC Portugues) was 547.00 mln PLN. Decline compared to the previous period (2014) was -15.98%. The evolution of the net income of Bank Millennium (BC Portugues) is shown at Chart 2 below.

Net Income of Bank Millennium (BC Portugues).
Chart 2. Net Income of Bank Millennium (BC Portugues).

Credit Ratings

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government.
Of the 'Big Three' rating agencies, Bank Millennium (BC Portugues) is rated by Fitch and Moody's.

Credit ratings assigned to Bank Millennium (BC Portugues) as of April 2016 are shown in details in the following sections.

Fitch

Long-term issuer default rating is Fitch's view of a credit institution's relative vulnerability to default on its financial obligations, for Bank Millennium (BC Portugues) it is set to BBB- (good credit quality), outlook is stable (not likely to change). The rating is not on watch. Short-term issuer default rating for Bank Millennium (BC Portugues) is set to F3 (fair short-term credit quality).

Long-Term Issuer Default Rating  BBB-
    Outlook  stable
    On Watch  No
Short-Term Issuer Default Rating  F3
Viability Rating  bbb-
Support Rating  4
Support Rating Floor  WD

Viability rating for Bank Millennium (BC Portugues) is set to bbb- (good fundamental credit quality); support rating is 4 (limited probability of support); support rating floor is WD (withdrawn).

Moody's

Long-term rating for Bank Millennium (BC Portugues) it is set to Ba1 (non-investment grade speculative). Long-term bank deposit rating is Ba1 (non-investment grade speculative). Bank financial strength rating is ba3. Short-term rating is not assigned.

Long-Term Rating  Ba1
Long-Term Bank Deposit Rating  Ba1
Bank Financial Strength Rating  ba3
Short-Term Rating  -
Outlook  stable

Outlook for the ratings of Bank Millennium (BC Portugues) is set to stable (not likely to change).

Deposit Guarantee

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Poland are obliged to participate in Polish deposit guarantee scheme.

In the case of Bank Millennium (BC Portugues) failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Eligible Depositors  natural persons, legal entities
Covered Accounts  deposits in all the accounts (e.g. term deposits, current accounts, savings accounts)
Covered Currencies  all
Maximum Protected Amount  100 000 EUR
Paid In Currency  PLN

Further Information: Deposit Guarantee Scheme in Poland

ECB Minimum Reserves Requirements (MRR)

Minimum reserves is the minimum amount of reserves a credit institution is required to hold with a central bank.

Subject to MRR by ECB  No
Exempt from MRR by ECB  No

Bank Identifiers

Any bank can be identified for different purposes and hence can have several different identifiers.

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of Bank Millennium (BC Portugues) and its components are shown in the table below.

BIC  BIGBPLPWXXX
Bank BIC Code  BIGB
Country Code  PL (Poland)
Location Code  PW
Branch Code  XXX

MFI ID

MFI ID (Monetary Financial Institution Identifier) is a code, unique to each institution in the MFI list provided by ECB (European Central Bank). MFI ID is hence applicable to MFIs resident in the European Union.

The code is alphanumerical, with the first two digits representing the two-digit ISO code for the country of residence of the MFI and the remaining number of digits (no limit has been specified) is any combination of alphanumerical characters.

MFI ID of Bank Millennium (BC Portugues) is shown in the table below.

MFI ID  PL00116

Bank Sort Code

Bank Sort Code is a code that uniquely identifies a financial institution within a country. Bank sort codes are usually assigned by National Central Banks and differ from BIC codes.

Bank Sort Code  11600006

Related Information on Poland

  Economy and Banking Sector of Poland

  List of Banks in Poland

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