Basic Information
Banco Comercial Português (BCP), short for "Commercial Bank of Portugal", is a dynamic commercial bank, founded in 1985, and is the largest private bank in Portugal. It is not a state-owned or joint venture bank, but operates on a market-driven business model, headquartered in Porto, Portugal, with a physical centre of operations in Oeiras, Greater Lisbon. As a public company, BCP is traded on the Lisbon Stock Exchange (listed in 1996) and the New York Stock Exchange (listed in 1992) under the ticker symbol BCP.LS. It is a member of the Euronext 100 index, demonstrating its solid position in the European financial markets. Major shareholders include China's Fosun International (20.03% as of June 2024), Angolan national oil company Sonangol Group (19.49%), and Portuguese shareholders (31.2% in total), demonstrating a diverse shareholder background. BCP was founded by Jardim Gonçalves, the founder of Jardim Gonçalves, who established its competitiveness in the market with an innovative and independent management philosophy.
With
the "Millennium BCP" brand as the core, the BCP service network covers many regions around the world and has about 4.3 million customers. In addition to its 695 offline outlets in mainland Portugal, it has branches in Poland (via Bank Millennium), Mozambique (Millennium BIM, 100 outlets), Angola (Banco Millennium Atlântico), Switzerland, the Cayman Islands and Macau, as well as representative offices in Brazil, Switzerland, China and the United Kingdom. The ATM network is supported by Portugal's Multibanco system, with more than 12,000 ATMs across the country providing customers with convenient deposits, withdrawals and payments. BCP's services span retail banking, corporate and investment banking, private banking, and insurance, and are committed to providing comprehensive financial solutions to individuals, corporations, and high-net-worth clients.
Regulated &
CompliantBCP is directly supervised by the Banco de Portugal and the European Central Bank (ECB) and has been classified as an "Important Financial Institution" since 2014 and is subject to strict EU financial regulations. It joins the Portuguese Deposit Guarantee Fund, which provides protection for customer deposits and takes precedence over other non-deposit claims. BCP has a strong track record of compliance with the minimum reserve requirements and capital adequacy ratio standards set by the European Central Bank. In recent years, there have been no major violations, and from 2012 to 2017, it received 3 billion euros of state support through the issuance of convertible bonds, and in 2017, it repaid all bonds and resumed full autonomy.
Financial
HealthBCP's financial performance is solid and demonstrates its resilience. As of June 2023, its core Tier 1 capital adequacy ratio (CET1) was 14.2%, well above the minimum requirement for the ECB (8.5%), indicating that its capital buffer is adequate. The non-performing loan ratio (NPL) is around 4%, in line with the European average, and the coverage ratio (loan loss allowance as a percentage of non-performing loans) is 51%, demonstrating prudent risk management. The liquidity coverage ratio (LCR) is in line with Basel III requirements, and the specific data is not disclosed, but BCP accounts for up to 70% of deposits, providing a stable source of liquidity. These indicators indicate that BCP is resilient in the face of market volatility and is suitable for clients looking for a sound bank.
Deposit & Loan products
Loans: BCP's mortgage products have a competitive interest rate, with a fixed rate mortgage (10-30 years) of about 2.5%-4% per annum, and a floating interest rate based on Euribor plus points. The interest rate on a car loan is usually 4%-6%, with a term of 1-7 years, and proof of income and vehicle information are required. Personal lines of credit are unsecured and have a high interest rate (6%-10%) up to a maximum of around €50,000. Loan products support flexible repayment, such as early repayment without penalty or adjustment of repayment plan, which is suitable for customers with different financial needs.
Deposits: BCP provides a variety of deposit products, including current accounts (interest rates close to 0%, flexible deposits and withdrawals) and time deposits (1 month to 5 years tenors, interest rates fluctuate according to the market, the recent 1-year time deposit interest rate is about 1.5%-2%). High-yield savings accounts are designed for long-term savers and offer slightly higher interest rates than regular time deposits. Large certificates of deposit (CDs) offer higher yields and are suitable for locking in large amounts of funds, such as 3-year CDs with an annualized yield of 2.5%-3%, depending on the amount and maturity.
List of common
expensesBCP's fee structure is transparent, but some services need to be aware of potential costs. Account management fees vary depending on the account type, ranging from around €2-€5 per month for regular current accounts and up to €10 for premium accounts. Domestic transfers are free of charge, while cross-border transfers (outside the SEPA area) range from €5 to €20 per transfer, depending on the amount and destination. The overdraft fee is approximately 0.05%-0.1% of the daily overdraft amount. Interbank ATM withdrawals are free of charge within the Multibanco network, and international ATM withdrawals range from €1 to €3 per withdrawal. Note that minimum balance requirements (e.g. some accounts need to maintain more than €500 to avoid monthly fees) may become "hidden fees" and clients are advised to read the terms carefully.
DigitalService Experience
BCP's mobile banking app "Millennium App" and online banking platform have been well received, with a rating of about 4.5/5 on the App Store and Google Play. Core features include facial recognition login, real-time transfers (with SEPA instant payments), bill management, and portfolio tracking. The app integrates investment tools that allow customers to buy funds, stocks or manage retirement accounts directly. In terms of technological innovation, BCP provides AI-driven customer service chatbots that are efficient in handling common problems. Robo-advisory services provide clients with personalized investment advice. The bank supports open banking APIs, allowing third-party fintech companies to access and improve the flexibility of account management. Digital channels handle more than 60% of transactions, underscoring its leadership in digital transformation.
Customer Service Quality
BCP provides round-the-clock customer service, including 24/7 phone support (+351-21-321-1000), live chat (response time is about 1-3 minutes), and social media quick response (Twitter/Facebook average response time < 1 hour). The complaint rate is low, the average resolution time is 3-5 business days, and the user satisfaction score is about 85%. Multi-language support covers English, Spanish, Polish, and Portuguese, making it suitable for cross-border customers. The customer service team is known for its professionalism and friendliness, especially when dealing with complex issues.
Security
MeasuresBCP deposits are protected by the Portuguese Deposit Guarantee Fund, with a maximum payout of €100,000 per account. Anti-fraud technologies include real-time transaction monitoring, two-factor authentication, and anomalous behavior alerts to reduce the risk of fraud. In terms of data security, BCP is ISO 27001 certified, using encryption technology and strict access control. In recent years, there have been no major data breaches, demonstrating its reliability in information security. Clients can set transaction limits and instant notifications through the app to further enhance the security of their funds.
Featured Services & Differentiation
Segment: BCP offers students a "Jovem" account with no management fees, free transfers and exclusive offers. Exclusive wealth management products for the elderly provide higher fixed deposit interest rates and additional health insurance services. Green financial products include ESG investment funds and sustainable bonds to support environmental protection and social responsibility projects.
High Net Worth Services: The Millennium Banque Privée provides customized wealth management and global investment solutions for clients with assets of more than €500,000, covering Portugal, Switzerland and the Cayman Islands.
Market Position & Accolades
BCP is the largest private bank in Portugal by assets, ranking 1,633rd in the world in 2023 (Forbes). With total assets of more than €100 billion, it has a 29% share in the Portuguese loan market and 52% in the deposit market. BCP has received several industry recognitions, including "Best Digital Bank in Portugal" (Global Finance, 2022) and "Most Innovative Bank" (European Banking Awards, 2021). Its sustainability efforts, such as the issuance of green bonds and the integration of ESG principles, have also earned it a nomination for "Best Sustainable Bank".
