This determination has made a valuable contribution to the improvement of the bank’s financial indicators and service levels. Last year’s results reflect the bank’s aspiration to improve performance and made it the best bank in Portugal.
“We see this award as a recognition of the bank’s determination to implement its strategy based on capital discipline and a focus on our core business, domestic retail banking in Portugal, Poland and Greece,” says CEO Paulo Teixeira Pinto. “Our clear and focused strategy is strengthening our competitive position and excellence in customer service, boosting profitability, efficiency, asset-quality and solvency indicators.
“We especially value The Banker analysis and the recognition of our international operations – an area that not long ago was not fully understood by the market but which is increasingly acknowledged as a fundamental growth option. Bank Millennium significantly increased operating profits and NovaBank achieved breakeven during the last quarter of 2004, thus bringing forward the initial plans. We strongly believe in the success of our multi-domestic strategy whenever we see value, as is now the case in the privatisation of the largest Romanian bank.”
