Spanish banking group BBVA is set to shut down nearly half of its 81 branches in Portugal and lay off almost quarter of its staff in the country.

The move, which is aimed at downsizing and optimising the bank in Portugal, is expected to affect 43 branches and 177 employees.

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The decision comes after the bank’s lost €111m ($138m) in Portugal last year.

According to Reuters, the lender has also tried unsuccessfully to sell its Portuguese arm.

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