Bank restructuring

State-owned bank Caixa Geral de Depósitos is set to undergo major restructuring in order to improve operational efficiency and reduce spending. José de Matos, the bank’s CEO, said recently that the group will reduce its staff and branches through 2017.

CGD has to meet requirements imposed by Europe’s competition authority  because of the temporary state aid provided last year to bolster capital levels. The same is required from Millennium bcp, BPI and Banif.