Poland's Millennium to scrap 2009 targets-report

Polish bank Millennium BIGW.WA will scrap its financial targets for this year when it announces quarterly earnings on Jan. 22, newspaper Parkiet reported on Wednesday, without giving sources.

The unit of Portugal's largest listed lender, Millennium bcp (BCP.LS), has planned to reach a 20 percent return on equity and reduce its cost-to-income ratio to 55 percent by the end of 2009.

The bank's spokesman was not available for comment and the head of its investor relations department declined to discuss the newspaper article.

Millennium Chief Executive Boguslaw Kott signalled in the middle of last year that the bank would review some of its medium-term goals following the slump in the mutual fund industry.

At 1040 GMT, shares in Millennium traded were unchanged at 2.9 zlotys. The bank lost three quarters of its market value last year.
Source: By Piotr Skolimowski, Simon Jessop
reuters.com