«Top NewsPortugal's Millennium to o

«Top News

Portugal's Millennium to open bank in Brazil
Thu Sep 8, 2011 9:32am BST

LISBON, Sept 8 (Reuters) - Portugal's Millennium bcp has signed an agreement to establish a bank in Brazil to focus on corporate and trade finance.

The bank said in a statement late on Wednesday it had signed a partnership with Angolan bank Banco Privado Atlantico.

The move fits with Portuguese banks' strategy to focus on fast-growing markets outside Europe as they struggle at home due to the euro zone debt crisis.

Portugal's economy is going through a deep recession as it faces tough austerity measures under the terms of a 78 billion euro ($109 billion) bailout from the European Union and IMF.

Portuguese banks are having difficulty financing the domestic economy as they were squeezed out of the wholesale interbank market for funding more than a year ago due to the sovereign debt crisis, and have since relied on emergency funding from the European Central Bank.

($1 = 0.712 Euros) (Reporting by Axel Bugge; Editing by David Hulmes)

«Top News

Portugal's Millennium to open bank in Brazil
Thu Sep 8, 2011 9:32am BST

LISBON, Sept 8 (Reuters) - Portugal's Millennium bcp has signed an agreement to establish a bank in Brazil to focus on corporate and trade finance.

The bank said in a statement late on Wednesday it had signed a partnership with Angolan bank Banco Privado Atlantico.

The move fits with Portuguese banks' strategy to focus on fast-growing markets outside Europe as they struggle at home due to the euro zone debt crisis.

Portugal's economy is going through a deep recession as it faces tough austerity measures under the terms of a 78 billion euro ($109 billion) bailout from the European Union and IMF.

Portuguese banks are having difficulty financing the domestic economy as they were squeezed out of the wholesale interbank market for funding more than a year ago due to the sovereign debt crisis, and have since relied on emergency funding from the European Central Bank.

($1 = 0.712 Euros)  (Reporting by Axel Bugge; Editing by David Hulmes)

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«Top NewsPortugal's Millennium to open bank in BrazilThu Sep 8, 2011 9:32am BSTLISBON, Sept 8 (Reuters) - Portugal's Millennium bcp has signed an agreement to establish a bank in Brazil to focus on corporate and trade finance.The bank said in a statement late on Wednesday it had signed a partnership with Angolan bank Banco Privado Atlantico.The move fits with Portuguese banks' strategy to focus on fast-growing markets outside Europe as they struggle at home due to the euro zone debt crisis.Portugal's economy is going through a deep recession as it faces tough austerity measures under the terms of a 78 billion euro ($109 billion) bailout from the European Union and IMF.Portuguese banks are having difficulty financing the domestic economy as they were squeezed out of the wholesale interbank market for funding more than a year ago due to the sovereign debt crisis, and have since relied on emergency funding from the European Central Bank.($1 = 0.712 Euros) (Reporting by Axel Bugge; Editing by David Hulmes)

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