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The Ordinary General Meeting of Bank Millennium

The Ordinary General Meeting of Bank Millennium

March 30, 2021
The Ordinary General Meeting of Bank Millennium was held on 24 March 2021.

Joao Bras Jorge, Chairman of Bank Millennium presented to the shareholders the results achieved by Bank Millennium and the Bank Millennium Group in 2020, a proposal concerning the dividend and information on foreign currency mortgage loans.

– In 2020, the biggest impact for the banking sector was the reduction of interest rates by the Monetary Policy Council to the historically lowest level, which significantly impacted our revenues. Bank Millennium has shown great flexibility and speed of operation, adapting to the changing conditions and new customer expectations. The Bank focused in particular on accelerating the digitization process related to the rapid increase in customer interest in electronic banking, as well as on the digitization of internal processes as well as on reducing operating costs. In 2020, the number of digital customers increased by 12% yoy to 2.05 million and the number of active mobile customers reached nearly 1.7 million, increasing by 18%. The outlook for 2021 is positive, the Polish economy, compared to other European countries, is less affected by the pandemic and the periodic freezing of the activity of certain industries. Among the positive signals for the future, we emphasize the growing interest of companies in loans for investment purposes and the sustained dynamics of sales of mortgage loans.

At the end of 2020, foreign currency mortgage loans represented nearly 20% of Bank’s loan portfolio, even though they are gradually declining each year. The Bank is monitoring this portfolio and, on the one hand it is actively offering (with success) the option of early repayment, partial repayment or conversion into PLN mortgage loans on favorable terms to its customers, while on the other hand it recognizes appropriate provisions for potential legal risks. The Bank conducts intensive work analyzing the possibility of offering settlements to CHF mortgage borrowers, as proposed by the Chairman of the Polish Financial Supervision Authority (KNF). The Bank also surveys opinions of its customers – foreign currency loan borrowers. If/when the recommendation for the settlement program is ready, the Management Board will submit it to the approval of the Supervisory Board and Shareholders. Additionally, it is worth mentioning the potential implications of the Supreme Court resolutions scheduled for April 13 and 15. Their outcome is unknown at this stage, but we trust in the justice of the Supreme Court. In particular, it would be difficult to understand and unfair if borrowers in Swiss francs were in a better position than those who took out loans in zlotys.

Taking into account the KNF’s position on Bank’s dividend policy in 2021 presented in December 2020, the Management Board submitted a proposal to the Shareholder Meeting to retain the entire net profit earned in 2020 in the Bank’s equity – said Joao Bras Jorge, Chairman of the Management Board of Bank Millennium.

The Ordinary General Meeting of Bank Millennium, in which 109 Shareholders were represented (it corresponds to 77.12 % of the Bank’s shares), examined and adopted, among others, the following resolutions:

  • Approved the financial statements of Bank Millennium S.A., the Management Board’s joint report on activity of Bank Millennium S.A. and the Bank Millennium S.A. Capital Group, the joint report on non-financial information of Bank Millennium S.A. and the Bank Millennium S.A. Capital Group for the financial year 2020,
  • Approved the financial statement of the Bank Millennium S.A. Capital Group for the financial year 2020,
  • Approved the report on the activity of the Supervisory Board in 2020 and making the assessment of the remuneration policy in Bank Millennium S.A.,
  • Decided to retain the entire net profit earned in 2020 in the Bank’s equity, taking into account the KNF’s position on banks’ dividend policy in 2021 presented in December 2020,
  • Granted a discharge to all Members of the Management Board of Bank Millennium S.A. and all Members of the Supervisory Board of Bank Millennium S.A. on the performance of their duties in the financial year 2020,
  • Amended the Bank’s Articles of Association extending the Bank’s line of business by adding acquisition activity to entities offering PPK products and reflecting the regulatory changes resulting from updates of the Commercial Company Code in respect to the powers of the Ordinary Shareholder Meeting,
  • Decided that the Bank’s Supervisory Board, in its new three-year term of office, will consist of 12 members. The following persons were elected to the new Supervisory Board: Nuno Manuel da Silva Amado, Miguel de Campos Pereira de Bragança, Olga Grygier-Siddons, Anna Jakubowski, Grzegorz Jędrys, Bogusław Kott, Alojzy Nowak, José Miguel Bensliman Schorcht da Silva Pessanha, Miguel Maya Dias Pinheiro, Dariusz Rosati, Beata Stelmach, Lingjiang Xu.

PThe full wording of the resolutions adopted by the Ordinary Meeting of Bank Millennium is available on the Bank’s website: https://www.bankmillennium.pl/o-banku/walne-zgromadzenia-akcjonariuszy.

The Shareholders’ Meeting was held in compliance with all the safety requirements resulting from the recommendations of the Chief Sanitary Inspectorate and the Ministry of Health. The meeting was also broadcast online.

Bank Millennium

Last Updated on March 30, 2021 by Karolina Ampulska

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