Closing || Just a week after banking giant Barclays announced it is pulling out of Portugal, news has emerged that Spanish bank BBVA is also packing its bags.
According to Spanish newspaper El País, BBVA has lost more than €133 million in the last three years, and it is time to call “time” on the disastrous experience.
Plans now, say the paper, are to cut losses and sell the 83 branches spread around the country.
If true, this will see an end to business that began 23 years ago and which currently holds 1% of Portugal’s market share.
But if this wasn’t enough, a third bank is said to be seriously considering the sense of staying on in Portugal.
Portuguese newspaper Jornal de Negócios has claimed that Deutsche Bank is also shutting up shop.
Word-on-the-street is that both institutions have begun looking for suitable buyers to take over their Portuguese operations for some time, although there is still no official confirmation from either.
The news comes only a week after Barclays announced it would be selling its retails operations in Portugal, keeping only the profitable operations, like its Barclaycard services and private and corporate sectors (see last week’s edition).
Also see our story ‘Bye, Bye Barclays’ by clicking on this link https://www.portugalresident.com/bye-bye-barclays-0
September 21, 2023 Edition
PORTUGAL RESIDENT
Printed Edition