At least 300 bank branches closed in Portugal last year

Between January and September last year, 1,300 bank workers in Portugal were ‘let go’, many of them from Novo Banco.

The largest number of branch closures was at Caixa Geral de Depósitos which shut 129 outlets and now has 588.

As at the end of last September, the top five banks had 2,680 branches in Portugal, 349 fewer than at the end of 2016.

BPI closed more than 100 branches last year. The bank, now owned by Spain’s Caixabank, had 434 branches in Portugal in September, down 111 from December the year before.

Santander Totta closed 67 branches, with the Spanish bank having 575 branches in Portugal as at last September. This was prior to taking on 100 Banco Popular Portugal branches.