Brief description of Bank Millennium Group

Ever since the start of its activity it has been a trendsetter in Polish banking. For example it was the first Bank to be listed on the Warsaw Stock Exchange and issued the first payment card on the Polish market. The bank satisfies most stringent standards of corporate governance; it implements social programmes to support culture development as well as education of the youth.

Bank Millennium is a market leader in the area of innovations understood to mean state-of-the-art technology and process improvements. Innovation in Bank Millennium is part of its business strategy.

Bank Millennium, together with its subsidiaries, forms Bank Millennium Group – one of the most innovative and comprehensively developing financial groups in Poland – employing the total of 8,464 persons.

Its most important companies are: Millennium Leasing (leasing business), Millennium Dom Maklerski (brokerage business) and Millennium TFI (mutual funds). Since 2016 Millennium Goodie Sp. z o.o. together with the Bank has been operating a smartshopping platform based on advanced technology. The offering of the above-mentioned companies complements the services and products offered by the Bank.

On 5 November 2018 the Bank announced the agreement on the transaction to buy 99.8% of the shares in Euro Bank S.A. On 28 December 2018 the Bank received consent for the merger from antimonopoly authority (UOKiK) and on 28 May 2019 a non-objection from the Polish Financial Supervision Authority (KNF). The transaction was closed on 31 May 2019 and from that date Euro Bank S.A. became part of the Bank Millennium Group. As at the end of May 2019 Euro Bank had total assets of PLN 14.5 billion, loans of PLN 12.3 billion and deposits of PLN 8.0 billion.

After approvals from General Meetings of Bank Millennium and Euro Bank shareholders as well as from KNF, the legal merger of both banks was concluded on 1 October 2019. The operational merger of both banks ended on 11 of November 2019.

After the merger, at the end of 2019, the Bank Millennium Group had assets amounting to PLN 98.1 bn and equity amounting to PLN 8.9 bn. Customer deposits reached PLN 81.5 bn and the Group’s loans reached PLN 69.8 bn. The number of active individual customers reached 2.6 million, both through the effective implementation of organic growth and merger with Euro Bank. As at the end of 2019 1.8 million clients actively use electronic banking, while 1.4 million the mobile app and mobile Millenet. The Group ended the year with a significant liquidity surplus (loans/deposits ratio below 86%) and strong capital ratios (TCR at 20.1%).

Bank Millennium operates on the basis of a business model, which rests on five pillars:

The business model is founded on key values: building relationships based on trust, a passion for quality and innovation, people development and promoting cooperation as well as the ambition to always aim higher.