Portugal’s BCP to focus on growing existing business, not M&A

LISBON, Sept 28 (Reuters) – Portugal’s largest private bank, Millennium bcp, is focused on growing its existing business and not looking at a merger with smaller, loss-making rival Montepio, its chief executive Miguel Maya said on Monday.

Maya, speaking to reporters at a conference, was asked about a report in the weekly Expresso on Saturday that said Millennium bcp was available to merge with Montepio, which is preparing a major restructuring.

“Millennium bcp’s growth strategy in Portugal is through organic growth”, Maya responded.

“This is where I stand firmly, especially in a complex moment like the one we are living, when protecting the balance sheet is an absolute priority for us.”

Maya said he had made no contact with Finance Minister Joao Leao about Montepio, “nor are we analysing any (M&A) operation with Montepio”.

Portugal’s banking industry is highly concentrated, with the five largest banks accounting for over 80% of

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