The news was given to employees only hours ago, with the almost ironic bottom-line affirmation that BBVA “will maintain its presence in the country because it involves a market of large inter-relation with Spain, the principal geography of the group”.
How this will satisfy the 187 staff now facing the hunt for a new job in a sector that is forever shrinking is unexplained.
Lusa’s report also fails to draw attention to the fact that the closures will cut the bank’s presence in Portugal off at the knees. There will now be only 12 branches left.
According to Lusa, BBVA Portugal announced that it will be closing down “another 26 branches” as the “final phase” of its restructuring process.
The adjustment has been done “with the objective of allowing BBVA Portugal to continue with its strategy of growth of business with clients, guaranteeing a model more focused on service and aided by technology and the proximity of the service BBVA Consigo”.
The statement from BBVA continued: “The growth strategy in Portugal consists of reducing model costs, gaining commercial competitivity and improving the quality of service at the same time”.
Until this morning’s announcement, BBVA Portugal counted on 583 collaborators and 38 branches, adds Lusa.
Losses last year were registered at €62 million.
BBVA has been present in the Portuguese market since 1991, explains Lusa, and is the 11th institution in terms of market share, boasting 85,000 clients.
