Bogusław Kott became a member of Management Board of BCP

On 24 February 2003 the General Meeting of Shareholders of Banco Comercial Portugues (BCP), partner and strategic shareholder of Bank Millennium SA (former BIG Bank GDAŃSKI SA), was held in Porto (Portugal). BCP's shareholders approved the 2002 results of the Bank and appointed the Management Board of the Bank for the next, three-year term.
The shareholders yet again entrusted Mr Jorge Manuel Jardim Goncalves with the function of the Chairman of the BCP's Management Board. Mr Bogusław Kott, the Chairman of the Management Board of Bank Millennium SA. was appointed a member of the BCP's Management Board composed of nine persons.
 
Banco Comercial Portugues is the strategic shareholder (50% shareholding) and partner of Bank Millennium SA. The co-operation between BCP and Bank Millennium SA has been founded on the common strategy of the two Banks and their capacities to implement this strategy on the open and competitive European market.
Similar perception of the challenges and goals ahead of the Polish market of financial services, business evaluation of its development potential and the intent to make essential qualitative changes for its approximation to the European service level constitute an objective basis for co-operation between both Banks.

The subjective co-operation platform was built on a specific " institutional and personal chemistry", which allowed to stabilise the shareholding structure of Bank Millennium SA (former BIG Bank GDAŃSKI SA), made it possible to implement successfully the first joint project - launch of the Millennium retail network - and to conduct an in-depth qualitative and efficiency change programme gearing the Bank for further development.
The assumption made by BCP, whereby - given its high development potential - Poland is the second most important European market after Portugal, is fully convergent with the development plans of Bank Millennium SA. Whereas the strategy for Portugal assumes maintenance of the high BCP's share in the developed and stabilised market, in Poland the partners focus on the growth of the share in the fast growing and developing market of financial services.

Implementation of joint plans of BCP and Bank Millennium SA is based on exchange of experience, knowledge, technology and persons at various management levels. At present two Polish managers work in BCP Group (Portugal and Macao), while in Poland there is a group of approximately 20 managers of medium and high level. BCP expects a considerable increase in the share of Polish managers in the management of the BCP Group.
For efficient implementation of the adopted plans it is required to better identify the needs of both parties in the field of technology, operations and co-operation on international markets, to determine the areas of synergies, and to reallocate and exchange human resources.
 
The election of Mr Bogusław Kott, the Chairman of the Management Board of Bank Millennium SA, as member of the Management Board of BCP is a forerunner of the development of co-operation between the two Banks based on the assumptions presented above. This is also an example of a professional promotion of a Polish manager in a large for-profit financial institution of an EU member country on the eve of the Poland's accession to this organisation.
 
Banco Comercial Portugues (BCP) is the largest private financial institution in Portugal, offering universal banking and insurance services. BCP/Atlantico Group, thanks to implementation of state-of-the-art market segmentation strategy and premium-value offer, became a leader in the most important areas of the financial services in Portugal. BCP Group attained its market position thanks to the integration of provision and cross selling of financial services, use of the latest operational technology and innovative marketing. The Group conducts also activity on international markets with branches or representative offices in Greece, Mozambique, China, Turkey, Great Britain, France, USA, Canada and Switzerland.
BCP has been present in Poland since 1988, when in a joint effort with BIG Bank GDAŃSKI SA (currently Bank Millennium SA) BCP launched an advanced Millennium network for individual clients. At present, BCP is partner and strategic shareholder of Bank Millennium with 50% shareholding.

The basic financial data of BCP as of 31.12.2002:

• assets: 61,8 billion Euro
• equity: 6,5 billion Euro
• net profit: 272 M Euro
• number of employees: 14 000
• number of branches in Portugal: 1139