Poland's banking sector is in a consolidation phase, with four banks in the midst of a sale process, PKO Bank Polski (PKO.WA) Chief Executive Zbigniew Jagiello said Tuesday, but he declined to say if his bank is one of the three bidders for Bank Millennium SA (MIL.WA).

Late Monday, Portugal's Banco Comercial Portugues SA (BCP.LB) said it had received three bids for its unit Bank Millennium, adding that it remains open to further expressions of interest.

BCP said the sale process is still in the early stages, and it may decide against proceeding with it.

A BCP spokesman declined to comment further Monday.

Jagiello told broadcaster TVN CNBC he wouldn't be surprised if the Millennium process didn't end in a sale.

BCP is selling Bank Millennium as it seeks to boost capital ratios to meet new requirements set by Bank of Portugal and the troika under Portugal's EUR78 billion rescue plan.

-By Marynia Kruk, Dow Jones Newswires; +48 22 447-2431; marynia.kruk@dowjones.com