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Polish Financial Supervision Authority approves establishment of Millennium Bank Hipoteczny

17.06.2020

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On 16 June 2020, Polish Financial Supervision Authority informed about its approval of establishment of a mortgage bank under the brand of “Millennium Bank Hipoteczny Spółka Akcyjna” with head office in Warsaw. The share capital will total PLN 40.000.000 and it will be fully covered by Bank Millennium.

- Following acquisition of Euro Bank in 2019, the creation of Millennium Bank Hipoteczny is another significant step in the development strategy of Bank Millennium. The Bank currently occupies the fifth place in the sale of mortgage loans with the amount of over PLN 2 billion of contracts signed in the first four months of 2020 and a market share over 10%. The total disbursement of loans for 5 months of this year was more than 50% higher than in the corresponding period of 2019 - said Joao Bras Jorge, Chairman of Bank Millennium.

- As the Bank Millennium Group plans to maintain a strong mortgage sales position, setting up the Mortgage Bank will support the mortgage lending activity, by raising and diversifying medium term stable financing for part of mortgage portfolio on favourable terms. This is the fifth mortgage banking license in Poland - the first four are owned by banks which currently occupy the first 4 places in the sale of this product. Long-term employees of the Bank were appointed to the MBH management board: Agata Chrzanowska as President, Adam Berent and Artur Kulesza as members of the Management Board – added Joao Bras Jorge.