The Portuguese banking system includes about 150 credit institutions: 59 commercial banks, 86 mutual agricultural savings banks and 4 savings banks. Banks in Portugal are usually open from 8:30 am to 3:00 pm, Monday through Friday, and are closed on weekends and public holidays. Banco de Portugal (or Bank of Portugal), founded on November 19, 1846, is the central bank of the country. Below is a list of the largest and best banks in Portugal.

Caixa Geral de Depósitos

Caixa Geral de Depósitos (CGD), headquartered in Lisbon, is the largest bank in Portugal in terms of total assets. It provides retail, commercial and investment banking services including deposit and lending products, 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, wire transfers and more. With about 14,000 employees, it has operations in 20 countries.

Banco Comercial Portugues

Banco Comercial Portugues, S.A. (BCP or Portuguese Commercial Bank), headquartered in Porto, is the second largest bank in Portugal with focus on retail segment. Millennium BCP is a trademark of Banco Comercial Português. Founded in 1985, it has about 500 domestic branches (including 1 branch in Macao), 1,000 branches abroad (Poland, Switzerland, China, Angola and Mozambique) and employs 18,500 people. It was ranked as the Best Foreign Exchange Bank and Best Consumer Digital Bank in Portugal by Global Finance. As of June 11, 2020, BCP had a market capitalization of US$2.0 billion.

Banco Santander Totta

Banco Santander Totta S.A., a subsidiary of Spanish Santander Group, is the third largest bank in Portugal by assets. With about 6,500 employees, it serves 4.7 million customers through 520 branches nationwide. It offers savings accounts, loans, mortgages, debit and credit cards, life and health insurance, personal accident insurance, home and car insurance and other services. It has long term ratings of Baa3 from Moody's and BBB- from Standard & Poor´s. In 2015-2017, Santander Group acquired Banco Internacional do Funchal (Banif) and Banco Popular Portugal.

Novo Banco

Novo Banco, S.A., founded in 2014, is a successor of Banco Espírito Santo (BES) which was the second largest private bank in Portugal. With 4,850 employees, it operates through a network of about 400 branches including 11 offices internationally. Novo Banco closed its branches in New York, Nassau, Cape Verde and London as well as sold Novo Banco Asia in Macau and branch in Venezuela. Novo Banco is controlled by Lone Star, the U.S. private equity firm. As of March 31, 2020, the Bank reported €45.6 billion in total assets and €28.8 billion in customer deposits.

Banco BPI

Banco BPI, S.A. (Banco Português de Investimento or Portuguese Investment Bank), founded in 1981, is the fifth largest bank in Portugal. Established in 1981, it operates as a subsidiary of Spanish credit institution CaixaBank S.A. (formerly La Caixa). With 4,830 employees, Banco BPI serves over 1.7 million retail and business customers through 380 branches, investment, corporate and institutional centers, 1 mobile branch, 1,340 ATMs and about 31,000 POS terminals. As of March 2020, mortgage loans portfolio reached €11.5 billion.

Crédito Agrícola

Crédito Agrícola Group is one of the leading financial institutions in Portugal with more than 1 million customers, 400,000 members, 657 branches and over 1,500 ATMs across the country. In 2019, the company’s market share accounted for over 5.4% of loans and 7.5% of deposits. The Group includes 80 local banks (Caixas Agrícolas), Caixa Central, specialized companies and Fenacam. As of March 31, 2020, it had €19.5 billion in total assets and €16.4 billion in deposits.

Banco Montepio

Banco Montepio (Caixa Economica Montepio Geral (CEMG)) is one of the top 10 banks in Portugal with customer deposits of €12.5 billion. Montepio is a savings bank founded in 1844 and headquartered in Lisbon. The Bank employs 3,860 people and operates 324 domestic branches, 990 ATMs, 34 international branches (including Finibanco Angola and BTM (Mozambique)) and 5 representative offices. The company was delisted from Euronext stock exchange in 2017. Banco Montepio is owned by Montepio Geral - Associação Mutualista, the country's largest mutual association.

Banco Finantia

Banco Finantia, S.A. is an independent financial institution offering corporate, private and investment banking. It was awarded as Best Private Bank in Portugal, Best Corporate Bank in Portugal (Global Banking & Finance Awards) and Best Investment Bank in Portugal by International Business Magazine. With a strong presence in Portugal and Spain, Finantia has brokerage firms in the UK (London) and USA (New York, Miami), and offices in Malta and Brazil. As of December 31, 2019, Banco Finantia had €2.2 billion in total assets.

Top Banks in Portugal by assets

Below are the largest banks in Portugal ranked by total assets.

Rank Bank Total assets, €b (March 31, 2020)
1 Caixa Geral de Depósitos (CGD) 86.288
2 Banco Comercial Portugues (BCP) 81.499
3 Banco Santander Totta 56.086
4 Novo Banco 45.572
5 Banco BPI 35.076
6 Crédito Agrícola 19.516
7 Banco Montepio 17.740