Big banks closing branches

By TPN/Lusa, in Business, Economy · 01-04-2021 01:00:00 · 0 Comments

The five largest banks operating in Portugal closed 169 branches and lost 1,222 workers between the end of 2019 and the end of last year.

According to a report by Lusa news agency, in 2020, Caixa Geral de Depósitos (CGD), BCP, BPI, Santander Totta and Novo Banco had 169 fewer branches between them in Portugal compared to 2019.

Two years ago, these banks together accounted for 2,413 branches, having reduced that number to 2,244 in 2020.

Last year, CGD ended the year with 543 branches, Santander with 443, BCP 478 and BPI with 422.

As for workers, the reduction was 1,222 people in the five largest banks operating in Portugal.

In 2019, the five largest institutions had, on aggregate, 29,980 workers, and in 2020 that number decreased by 1,222, to 28,758, confirming the trend of recent years.

At the end of last year, in Portugal, CGD had 6,583 employees, Santander Totta with 5,980, BCP with 7,013, BPI with 4,622 and Novo Banco with 4,560.

In 2020, the five main banks operating in Portugal recorded an aggregate loss of €253.9 million.



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