Banco Comercial Portugues (BCP) announced on Friday that it planned to open some 100 branches across Romania by 2011 in an investment scheme that amounts to some €300 million ($403 million).
The statement was made during a presentation quoted by Forbes. Banco Comercial Portugues plans to invest €40 million ($53.7 million) in Romania this year alone. All investment is concentrated in urban areas. The Portuguese bank believes that such an investment effort would force losses of about €30 million this year. It says it forecasts a return to profit by 2011. BCP representatives say the Romanian branch will become an engine of growth for the Millenium group. It will focus both on corporate and residential services. (hotnews.ro)