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Portugal: Banking shuffle as debt grows

By  |  February 15, 2013

As five major Portuguese banks are under more than $1.34 million worth of debt, major bank Millennium is denying reports that the European Commission has ordered it to divest its Polish unit as a remedy for taking state aid. BCP, CGD, Santander Totta, BES and BPI have all reported losses that accumulate to the $1.34 million figure as Millennium has announced it plans to sell its Greek unit after it suffered losses as well. Greece’s Piraeus Bank is reportedly set to acquire the unit.

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