Millennium set to double client portfolio

Portugal’s Millennium Bank, which launched operations from scratch domestically at the end of 2007, wants to reach at least 100,000 clients, meaning, however, a more than doubling of the portfolio created in the three years in business.
“All our strategies target attracting as many clients as possible and we’re adjusting our product offering to this goal. We had 45,000 clients at the end of last year, but we would want to reach 100,000 clients,” says Eliza Erhan, head of the marketing and product development department of Millennium Bank.
In 2009, the Portuguese bank revised its growth strategy in Romania, as initial plans, which entailed a strong emphasis on consumer loan sales, were no longer feasible. Now, Millennium is trying to achieve balanced growth from three lines of business: mortgage loans, deposits, as well as deal brokerage for as many clients as possible.
The bank’s balance sheet is still small, with the loan volume totaling just EUR383 million in March, against a non-governmental lending market of EUR49 billion.