A list of banks in Portugal includes all Islamic banks, commercial banks, private banks, local banks, domestic banks, foreign banks, and financial institutions.
Portugal is one of the most highly developed countries in South America. The country is economically dependent on the food and beverage sector, automotive, and transport sectors.
Here are all the banks in Portugal mentioned below with brief descriptions.
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About banks in Portugal
Banks in Portugal play a crucial role in the country’s economy, providing financial services and supporting economic growth. Portugal’s banking sector is dominated by a few large banks, including Caixa Geral de Depósitos, Millennium BCP, and Banco Santander Totta.
The Portuguese banking sector has undergone significant changes in recent years. After the global financial crisis in 2008, many banks in Portugal faced serious financial difficulties, and the government had to intervene to rescue several of them. As a result, the sector has undergone a process of consolidation, with several mergers and acquisitions.
Currently, the banking sector in Portugal is regulated by the Bank of Portugal, which is responsible for supervising and regulating the activities of banks and other financial institutions. The country is also a member of the European Union, and its banking sector is subject to EU regulations and directives.
Banks in Portugal offer a wide range of financial products and services, including savings accounts, checking accounts, loans, mortgages, and credit cards. In recent years, there has been a significant increase in the use of online and mobile banking services, as well as the adoption of new technologies such as contactless payments.
One notable aspect of banking in Portugal is the importance of Caixa Geral de Depósitos, which is the country’s largest bank and is owned by the Portuguese government. The bank plays a key role in supporting the Portuguese economy, and it has a significant presence in the country’s rural areas.
Overall, banks in Portugal continue to play a vital role in the country’s economy, providing essential financial services and supporting economic growth. Despite the challenges faced in recent years, the sector is well-regulated and remains an important contributor to Portugal’s financial stability and development.
Central Bank Of Portugal
Banco de Portugal – Banco de Portugal is the central bank of Portugal that is based in Lisbon and was founded in 1846. The bank is fully owned by the government of Portugal and the currency is the Euro. Though The majority of functions are handled by the European Central bank, in Portugal it has:
- maintaining the financial works and policy
- operating properly financial and banking services
- performing as the prime banks for others
Leading Banks In Portugal
The leading banks in Portugal which are national and foreign are given below.
Abanca
Abanca is one of the largest Spanish banks in Portugal that started in 2011. The bank mainly works on investment projects, retail banking, and corporate banking.
Banco Bilbao Vizcaya Argentaria
Banco Bilbao Vizcaya Argentaria is a multinational bank that is based in Spain and started in 1857. It has services centers globally including, South America, North America, Turkey, and Romania.
Banco Comercial Português
Banco Comercial Portugues is one of the largest private banks in Portugal that was established in 1985 with products like retail, corporate banking, investment banking, etc.
Banco do Brasil
Banco do Brasil is one of the oldest continuous commercial banks that is based in Brazil. It offers a different range of financial services to customers around the world.
Banco Internacional do Funchal
Banco Internacional do Funchal is an international bank that is based in Portugal. It has many subsidiaries in Europe, South America, North America, Africa, and Asia.
Banco Invest
Banco Invest is a private bank among Portugal banks that started its services products in 1997 and mainly focused on investment funds and projects in the country.
Banco Português de Investimento
Banco Portgues de Investimento is an investment bank that is owned by the Spanish bank CaixaBank. The bank mainly serves companies and institutional and private clients.
Banco Santander Totta
Banco Santander Totta is one of the largest private banks in Portugal that is founded in 1988 and owned by the Santander group serving nationally with banking services.
Barclays Bank
Barclays Bank is a London-based multinational bank that offers retail banking, commercial banking, investment banking, wholesale banking, private Banking, etc.
Caixa Geral de Depósitos
Caixa Geral de Depositos is the largest bank in Portugal that is majorly state-owned and delivering services in the development of domestic and business sectors since 1876.
Deutsche Bank
Deutsche Bank is an investment bank that is based in Germany and was established in 1869. The multinational bank is also one of the largest banks in the world by total assets.
Novo Banco
Novo Banco is a leading private bank among Portugal banks that is considered a reputed bank also with banking products for national customers in the country.
Hence, banks in Portugal help us by informing the growth pace of the economical situation of the country.
Frequently Asked Questions:
1. What is the best bank in Portugal?
Caixa Geral de Depositos is the best bank in Portugal according to the Banker magazine.
2. Which international banks are in Portugal?
There are many international banks in Portugal among them are Abanca, Barclays, BBVA, BNP Paribas, etc.
3. Can a foreigner open a bank account in Portugal?
Yes, foreigners can open a bank account but for that, they have to follow some hard steps such as a passport, foreign address, utility bill, official letter from the government, and more depending on the bank authorities.
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