Jardim Gonçalves defends selective expansion
04-03-2005, Diário Económico
The Chairman of Millennium bcp, Jardim Golçalves, defended yesterday that the selective overseas expansion of Portuguese companies "is the best way to maintain the strategic autonomy and decision centres in a context of globalisation." Speaking at the opening of the "Poland's Roadshow in Portugal - New Business Perspectives" Conference, Jardim Gonalves highlighted the experience in overseas expansion of the banking institution presiding in Poland and Greece, underlining the strategic importance of the operation in the Polish market through Bank Millennium for the group's long-term development. "Bank Millennium is in a good position to take advantage of the opportunities for growth presented to middle-sized banks in the Polish market," said Jardim Gonçalves, reminding that the operation in this market represented 16% of the group's consolidated assets in 2004 and already made a positive, albeit small, contribution to the bank's consolidated results.
For Jardim Gonçalves, there is no doubt that the future of the domestic market lies in Europe, since he considers that "the market in Portugal is small and offers little possibility for growth." Nevertheless, Jardim Gonçalves advises some investors to look for local partners in order to start their overseas expansion strategy and to adopt the business model for the country they wish to implement.