Western Europe: Millennium BCP's Amado rebuts calls for faster asset sales
CEO defends international spread; returns to profit after capital increase, CoCo repayment.
|Nuno Amado, CEO of Millennium BCP
It was only three years ago that Millennium BCP, Portugal’s second-largest bank, failed the ECB’s adverse scenario stress test. Its non-performing loan book stands above €8 billion. But following a €1.33 billion capital increase in February and the subsequent repayment of €700 million in government contingent convertible bonds, there is a self-assurance about the bank that competitors say has been absent for years.
There are other reasons, too, why Nuno Amado, Millennium BCP’s CEO since February 2012, has a spring in his step. Profits in 2016 were just shy of €24 million, up from the €250 million loss reported in the nine months to September. Costs have continued to fall and NPLs are declining.