Profile of the organization
[GRI 102-1] Bank Millennium is a modern nationwide bank offering services to its clients in all of the market segments through its branch network, individual advisors and electronic banking. The Bank was established in 1989 as one of the first commercial banks in Poland. Today, it is the 7th largest commercial bank in Poland measured by assets. [GRI 102-2] It offers services to individual clients (in the retail, Prestige and Private Banking segments), micro businesses and small, medium and large enterprises in the Corporate Banking segment. By blending the most sophisticated technologies and the best banking traditions Bank Millennium successfully competes in all of the segments of the financial market. The Bank adds its international practice in finance contributed by Banco Comercial Português (Millennium bcp) – one of the largest commercial banks in Portugal and Bank Millennium’s strategic shareholder – to its many years of familiarity with the Polish market. The acquisition of Euro Bank in 2019 was a landmark decision that increased the magnitude of its operations and contributed to its growth.
Innovation is one of the most important values in Bank Millennium’s organizational culture. From its inception the Bank has been a trendsetter in the Polish banking industry, e.g. it was the first bank listed on the Warsaw Stock Exchange and it issued the first payment card on the Polish market. Today, it is a market leader in innovation defined as new technology solutions and process-related facilities. Invariably, one of its top priorities when introducing further innovation is to make clients’ daily lives easier by offering them convenient and intuitive access to financial and non-financial services. The key element in all of the changes introduced by the Bank is the care it shows for providing the very best user experience, grasping the unique needs of various client groups and offering them full access to financial services.
Bank Millennium and its subsidiaries constitute the Bank Millennium Group – one of the most sophisticated and growing financial groups in Poland. In addition to the Bank, its most important companies in 2021 were Millennium Leasing (leasing activity), Millennium Dom Maklerski (brokerage activity), Millennium TFI (mutual funds) and Millennium Bank Hipoteczny. [GRI 102-10] In connection with the permit to launch operations within the meaning of Article 36 sec. 1 of the Banking Law Act issued by the Polish Financial Supervision Authority, Millennium Bank Hipoteczny Spółka Akcyjna commenced operations on 14 June 2021. Its primary goal is to secure long-term financing by issuing covered bonds whose underlying instruments are the accounts receivable by virtue of the mortgage loans transferred by Bank Millennium S.A. Covered bonds are one of the safest financial instruments in the world. Transferring these accounts receivable makes it possible to finance mortgage loans using long-term covered bonds by successively decreasing the mismatch between the maturities of assets and liabilities.
On 10 May 2021 the Management Boards of Bank Millennium and Millennium Dom Maklerski made the decision on the planned demerger of Millennium Dom Maklerski under which the Bank is the acquiring entity. The transfer of brokerage activity in its entirety to the Bank and the integration of brokerage services under a single entity is slated to take place in mid-2022. This ownership change will not require the clients of Dom Maklerski or the clients of Bank Millennium to take any additional actions. All agreements will remain unchanged.
Millennium Goodie Spółka z o.o. has been operating an innovative smart shopping platform based on sophisticated technology in collaboration with the Bank since 2016.
These companies’ offering complements the products and services offered by the Bank. The Bank Millennium Foundation is also part of the Group. For years it has been supporting financial education and employee volunteerism projects.
[GRI 102-4] The Bank and its Subsidiaries operate in the Republic of Poland. [GRI 102-3] The Bank’s Head Office is located in Warsaw while some of its head office functions are also performed in Gdańsk and Wrocław.
[GRI 102-5] Organizational chart of the Bank Millennium Group (as at 31 December 2021)
