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.
Full Content: Algarve Resident
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