Best banks in Portugal

Banco de Portugal is Portugal’s central monetary authority. This bank belongs to the European System of Central Banks (ESCB). Its banking system is sophisticated and offers innovative financial products. Portugal is a European Union member. They supervise one of the most advanced interbank networks in the world.

Over 150 financial institutions are part of the Portuguese banking system, including national retail banks, mutual agricultural savings banks, investment banks, and foreign banks, to name a few examples. The central bank of Portugal, Banco de Portugal, was established on November 19, 1846. The following is a list of Portugal’s largest and finest banks.

Best banks in Portugal

These are some of the best banks in Portugal.

Caixa Geral de Depósitos

CGDS, with its headquarters in Lisbon, is Portugal’s largest bank by total assets. This bank offers retail, commercial, and investment banking services, such as deposit and lending products, factoring and leasing, mortgages, asset management, real estate services, property/casualty insurance, mobile and online banking, foreign currency exchange, and wire transfers, among other services and products

As Portugal’s largest bank by assets, Caixa Geral de Depósitos (CGD) was founded in Lisbon in 1876. According to “The Banker,” it will be number 179 on the list of the world’s largest banks in 2020. 23 countries on four continents are served through the bank’s 948 branches, representative offices, and direct equity stake in local financial institutions. Their headquarters are in headquarters in Lisbon, Portugal.

Banco Comercial Portugues

Banco Comercial Portugues (Millennium BCP) is Portugal’s second-largest bank, with a concentration on the retail market. In addition to its about 7,000 workers in the United States, the company has over 480 local branches, as well as offices in Poland, the Swiss Alps, Macau, Mozambique, and South Africa. Global Finance has recognised it as Portugal’s Best Foreign Exchange Bank and Best Consumer Digital Bank. On June 1, 2021, BCP’s shares will be valued at €2.5 billion on the Euronext. Their headquarters are in Porto, Portugal

Banco Santander Totta S.A.

This Portuguese affiliate of Santander is the third-largest bank in the country by assets. It employs more than 6,200 people and has 440 branches in the United States. Among other things, it offers current and savings accounts as well as loans, house mortgages, debit and credit cards, life and health insurance, personal accident insurance, and home and auto insurance. Long-term ratings from Moody’s and Standard & Poor’s are Baa3 and BBB, respectively.

Banco Totta & Açores, and later Banco Totta, were the names of the Portuguese bank’s predecessors, which were founded in 1864. As the safest bank in Portugal, Banco Santander Totta S.A. was chosen by Global Finance, while Euromoney called it the best bank in Portugal. Their headquarters are in Lisbon, Portugal

Novo Banco

As of 2014, Novo Banco S.A. had replaced Banco Espirito Santo (BES), Portugal’s second-largest private bank. A network of roughly 400 outlets, including 11 foreign offices, employs 4,850 people. It also sold Novo Banco Asia in Macau and a branch in Venezuela and shuttered operations in New York, Nassau, Cape Verde, and London. Lone Star, a private equity business in the United States, controls Novo Banco. Their headquarters are in Lisbon, Portugal

The cover image is somewhere in Lisbon, Portugal. Photo by ben o’bro on Unsplash