Portugal's Millennium vice chair asks to step down - News

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Portugal's Millennium vice chair asks to step down

By: AFX | 03 Nov 2009 | 06:47 PM ET

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LISBON, Nov 3 (Reuters) - The vice chairman of Millennium bcp, Armando Vara, has asked to step down from his position, Portugal's largest listed bank said on Tuesday. The bank said in a statement that its board had received from Vara a "request to suspend, with immediate effect, his mandate as vice chairman and member of the executive board of directors of the bank." The governor of the Bank of Portugal, Vitor Constancio, said the move by Vara was positive. It came after news reports of a police investigation into alleged economic crimes at a company that may have involved Vara. "I consider this (the request for a suspension) positive for the image and reputation of the banking system," Constancio said. (Reporting by Axel Bugge and Sergio Goncalves; Editing by Tim Dobbyn) Keywords: MILLENNIUM VARA/ (Axel.Bugge@Reuters.Com, +351-213-509-201, Reuters Messaging: axel.bugge.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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