Why does the SWIFT code only have 8 characters?

SWIFT codes are sequences of letters and numbers that are used to identify financial institutions.

Each financial institution has a unique code that can contain either 8 or 11 characters, which is made up of:

• The institution code (4 characters)
• The country code (2 characters)
• Location code (2 characters)
• Individual branch code (3 characters)

Millennium BCP's SWIFT code, BCOMPTPL,  contains 8 characters because it identifies Millennium BCP as a bank and is not tied to a specific branch.