List of Banks in Portugal

There are more than 130 banks operating in Portugal including national retail banks, regional banks, international banks and online banks. The five largest banks in Portugal are Caixa Geral de Depositos, Millennium BCP, Santander Totta, Novobanco and Banco BPI. Banco de Portugal is the central bank of the country. Below is a list of the major and popular banks in Portugal.

Top 10 Banks in Portugal

Following are the top 10 banks in Portugal in terms of total assets.

Rank Name Total assets, US$b
1 Caixa Geral de Depósitos 109.42
2 Millennium BCP 95.94
3 Banco Santander Totta 59.54
4 Novo Banco 49.10
5 Banco BPI 41.53
6 Crédito Agrícola 26.39
7 Banco Montepio 20.40
8 EuroBic 9.61
9 Banco Credibom 4.32
10 BBVA Portugal 3.91
Total assets as of December 31, 2022.

Caixa Geral de Depósitos

Caixa Geral de Depósitos (CGD), headquartered in Lisbon, is the largest bank in Portugal. It provides retail, commercial and investment banking services including deposit products, personal and commercial loans, specialized credits in the areas of factoring and leasing, mortgages, asset management, real estate services, property/casualty insurance, mobile and online banking, foreign currency exchange and other services.

Banco Comercial Portugues

Banco Comercial Portugues S.A. (Millennium BCP), headquartered in Porto, is the second largest bank in Portugal with a focus on retail segment. It employs about 15,800 staff including 6,300 people in Portugal and operates through around 430 local branches as well as subsidiaries and offices in Poland, Switzerland, Macao, Mozambique and Cayman Islands. Millennium BCP is the best foreign exchange and consumer digital bank in Portugal according to Global Finance. BCP shares are traded on the Euronext.

Santander Totta

Banco Santander Totta S.A., a subsidiary of Spanish Santander Group, is the third largest bank in Portugal by assets. With over 4,900 employees, 3 million customers and 370 branches and corporate centers nationwide, it offers current and savings accounts, mortgages, auto loans, debit and credit cards, life and general insurance and other related services. It has a long term rating of Baa1 from Moody's, BBB+ from Standard & Poor's and A- from Fitch. The company was named Safest Bank in Portugal and Best Bank in Portugal by Global Finance.

Novo Banco

Novo Banco S.A. (Novobanco), founded in 2014, is a successor of Banco Espírito Santo (BES). It provides a full suite of products and services to personal, corporate and institutional clients. With about 4,200 employees, it serves over 1.4 million customers through a network of 310 domestic branches and one international office. Banco Best, a digital platform, is part of the Novo Banco Group. Lone Star Funds, an American private equity firm, is the controlling shareholder of Novo Banco.

Banco BPI

Banco BPI S.A. (Banco Português de Investimento or Portuguese Investment Bank), founded in 1981, is the fifth largest bank in Portugal. It operates as a subsidiary of Spanish credit institution CaixaBank S.A. With 4,500 employees, Banco BPI serves 1.8 million retail and business customers through 290 branches, 1,440 ATMs and 31,000 POS terminals as well as through over 50 premier, private banking, corporate and institutional centres.

Crédito Agrícola Group

The Crédito Agrícola Group is a co-operative financial organization with more than 2.1 million customers, 400,000 members, 617 branches and about 1,600 ATMs throughout Portugal. In 2019, the company’s market share accounted for over 5.4% of loans and 7.5% of deposits. The Group includes over 70 local banks (Caixas Agrícolas), Caixa Central de Crédito Agrícola Mútuo, specialized companies and Fenacam.

Banco Montepio

Banco Montepio is a mutual savings institution established in 1844 and is headquartered in Lisbon. With approximately 3,400 employees, it operates through 260 domestic branches and 880 ATMs. Its international network includes 24 branches of Finibanco Angola as well as representative offices in Paris, Frankfurt, Geneva, Toronto and Newark. In 2021, Montepio dissolved and liquidated its branch in Cape Verde. BTM Banco Terra (Mozambique) was sold in December 2018. Banco Montepio is owned by Montepio Geral - Associacao Mutualista, the country's largest mutual association.

EuroBic

EuroBic (Banco BIC Portugues S.A.) provides a wide spectrum of financial services to retail and business clients. With about 1,500 employees and 250,000 customers, it operates through a network of over 160 branches, 13 corporate offices and two private banking centers as of December 2023.

Banco Credibom

Banco Credibom S.A., part of Credit Agricole group, provides personal and car loans, credit cards, home improvement and vacation loans, life and car insurance, leasing and other services to over 2 million customers in Portugal. It is a leader in point-of-sale automobile financing in the country.

Banco Cofidis

Banco Cofidis, a subsidiary of French Cofidis Group, offers current accounts, consumer and auto loans, credit cards, student and home improvement loans, lines of credit as well as insurance services to individuals and companies. Today, it has over 570,000 customers and employs about 750 people in Portugal.

Banco Finantia

Banco Finantia S.A. is an independent financial institution offering private, corporate and investment banking services. With a strong presence in Portugal and Spain, it also has branches in Miami, New York, London and Malta. Finantia is the best private bank n Portugal according to International Banker. As of June 30, 2023, the company had EUR 1.7 billion in total assets.

Banco Atlantico Europa

Banco Atlantico Europa S.A. (formerly known as Banco Privado do Atlantico) provides personal and business banking services including current and savings accounts, credit and debit cards, mortgages, investments, wealth planning, trade finance, money transfers, foreign exchange, mobile and online banking and more.

See also: Largest Portuguese Banks

Popular online banks in Portugal

Banco Best is a digital bank offering current and savings accounts, debit and credit cards, personal and mortgage loans, insurance and investment products.

N26 is a mobile bank offering free basic current account, Mastercard debit card as well as premium accounts (N26 Smart, N26 You and N26 Metal) with extra perks.

Revolut is an app-based bank providing financial services to personal and business customers. Its offerings include a free standard plan as well as plus, premium, metal and ultra plans, debit and cash back cards, stock trading, cryptocurrency exchange and other services.

Investment Banks in Portugal

  • Banco Carregosa
  • BiG (Banco de Investimento Global)
  • Banco Finantia
  • Banco Invest

International Banks in Portugal

There are several major international banks operating in Portugal.

  • Abanca
  • Barclays
  • Banco do Brasil
  • Banco Sabadell
  • BBVA
  • BNP Paribas
  • Citibank
  • Credit Agricole
  • Credit Suisse
  • Deutsche Bank
  • J.P. Morgan Chase
  • ING Bank
  • Santander

Last updated October 15, 2024