The European Commission approved Millennium BCP’s restructuring plan on Monday (September 2).
Besides the sale of a Romanian subsidiary and a stake in Greece’s Piraeus Bank, the restructuring plan also envisages BCP’s Polish subsidiary, Millennium MILP.WA, as a core operation, along with the bank’s operations in Angola and Mozambique. BCP is expected to continue its debt reduction efforts by selling non-core assets and reducing costs of staff by 25% until the end of 2015.
