Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Banco Comercial Gains After Selling Greek Unit: Lisbon Mover

Banco Comercial Portugues SA, Portugal’s biggest non-state bank by assets, rose to the highest in a week and a half after saying it will sell its Greek unit to Piraeus Bank SA.

The shares gained 2 percent to 9.7 euro cents in Lisbon trading, the highest level since April 10, giving the firm a market value of 1.9 billion euros ($2.5 billion).

The sale of Millenium Bank Greece represents a “relevant improvement in the group’s risk profile as it reduces significantly the bank’s exposure to one of the most problematic economies in its business portfolio,” Carlos Peixoto, an analyst at Banco BPI in Porto, Portugal, said in an e-mailed report to clients today. It is also a “first step toward increasing visibility regarding BCP’s capacity to redeem” state aid by June 2017, he said.

Banco Comercial will sell Millenium Bank Greece for 1 million euros and also agreed to invest 400 million euros in Piraeus’s forthcoming capital increase as a condition of the sale, leading to a minority stake in Athens-based Piraeus, Millenium said in an e-mailed statement today. The transactions are expected to be completed in the second quarter, it said. Banco Comercial can’t sell its minority stake for six months.

Banco Comercial has booked a provision of 427 million euros for the potential losses in Millenium, according to the statement. The sale will allow Banco Comercial to “deconsolidate about 4 billion euros in risk-weighted assets” as of December, it said.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.