Spanish lender BBVA has announced plans to slash 187 employees and shut down a further 26 branches in Portugal as part of the final phase of its restructuring plan to boost profitability.
According to BBVA Portugal management, the move forms part of a cost cutting program aimed at "allowing BBVA Portugal to continue its business growth strategy with its customers, ensuring a more focused relationship model in service, grounded in technology through the ‘BBVA Consigo’ online service."
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The latest move trims the bank’s retail banking network in Portugal to just 12 branches.
The bank however has added that it intends to continue operating in Portugal, where it has been present since 1991.
BBVA Portugal also unveiled plans to axe jobs and close half of its branches in November 2014, resulting in the closure of 43 of its 81 branches and the elimination of 177 jobs.
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