The Portuguese Millennium Bank has launched a new business line for Romanian clients with high incomes. The new product, named Prestige, features wealth management services, individual client approach, financial planning and counseling and also includes transactional, saving, lending and insurance products, as well as tailored investment products.

“The launch of Prestige business line is part of the bank’s strategy to constantly strengthen its position on the local market. We now enter the competition for a client segment with great potential (...)” said Nuno Alves, Executive Director with Millennium Bank.

Millennium Bank, in partnership with ING Investment Management has also entered the market of global funds distribution. Prestige clients will also be able invest in local mutual funds managed by Pioneer Asset Management. Additionally, Millennium Bank has developed a health insurance program for its Prestige customers in partnership with Eureko insurance company.

Millenium Bank Romania has EUR 517 million of assets, up 11 percent in 2010. The bank's loss in Romania dropped to EUR 24 million last year.

Anca Berger, anca@romania-insider.com