The cancellation of the authorisation, which was issued to CGD in 2005, comes into force this Thursday.

CGD and Banco Português de Investimento (BPI) were the only two Portuguese banks operating an offshore licence at the end of last year.

Last summer, CGD announced it intended to close the offshore branches in Macau and the Cayman Islands by the end of 2017, as they were considered to be tax havens.

Banco Comercial Português (BCP) also operated an offshore branch between 1993 and 2010, when it received a full operating licence.