Latest news and stories about banking sector in Portugal for expats and residents.
Álvaro Santos Pereira is contemplating a new levy on the banking sector. The government had already acknowledged at the end of last year that it would “revisit the issue of taxation in this sector,” after the solidarity tax was deemed unconstitutional.
Lisbon’s PSI index has carried 2025’s strong finish into 2026, with retail, banking and energy stocks drawing the biggest investor interest despite recent volatility tied to global geopolitical developments. Analysts argue the index remains well positioned for another positive year, though they warn that elevated macro and geopolitical risk could produce bouts of market turbulence and uneven sector performance.
A ten-month journey concludes as bank employees in Portugal secure a 3% salary increase following persistent protests against stagnant wages amidst rising inflation and high banking sector profits. Tired of being treated as mere production factors while executive pay soared, employees forced a change that employers initially rejected. The outcome highlights the shift in labour relations and the necessity for companies to align with the financial realities of their workforce.
UGT-affiliated unions and the management union secured a 3% raise with most banks. However, industrial action at BCP and Montepio remains a possibility. CGD has shown openness to an agreement.
The article critiques the complex and problematic integration of bank employees into the General Social Security Regime, noting that banks have retained the role of intermediaries. It argues that due to flawed legislation, the Social Security system is effectively subsidizing bank profits by offsetting pension payments that banks would otherwise be responsible for, resulting in significant losses for retired bank employees.
The Resolution Fund will have to pay approximately 170 million euros in compensation to over a dozen international creditors who lent money to BES through a financial vehicle set up by Goldman Sachs, just weeks before the resolution applied to the Portuguese bank in August 2014. At issue is a financing of...
At the beginning of last week, the three UGT unions issued a joint statement in which they reported that the Credit Institutions' negotiating group sat at the table “to announce the end of negotiations”.
Álvaro Santos Pereira presented a less ambitious, less transparent, and potentially much more expensive solution for the Bank of Portugal.
Lawyer and manager Pedro Rebelo de Sousa has been appointed president of the Millennium bcp Foundation, succeeding Ambassador António Monteiro, whose term ends at the end of July. The institution announced the change in a statement on Thursday, July 9th. The Foundation highlighted Monteiro's eight-year leadership, noting his significant contribution to the Portuguese cultural landscape. Nuno Amado and Miguel Maya, top executives at Millennium bcp, thanked the outgoing president, who will remain as a curator. The Foundation focuses its patronage on culture, science, education, and social solidarity, supporting various museums, arts, and heritage restoration projects. Pedro Rebelo de Sousa, 71, brings extensive experience in the financial and legal sectors, having previously led SRS Advogados and served as president of the BCP General Assembly.
At issue are long contributory careers and the absorption of increases granted by Social Security.
BPI had 4,476 employees at the end of last year, 242 more than in 2024, according to the presentation of the 2025 accounts at a press conference in Lisbon today.
Abanca recorded a net profit of €902 million for 2025.
Unions said they had lowered their demand for a pay rise from 5.7% to 4.6%, 'a clear sign of responsibility and openness to negotiation', but they viewed the sector's response as 'offering crumbs'.
Banks have raised their proposed wage increases to 1.8%, but trade unions argue the offer falls short of workers' demands.
Abanca has launched a new voluntary redundancy programme, the second in a matter of months. In October, 77 staff from the commercial division had already left under mutual-agreement terminations and early retirements. Now it is opening the door for a further 120 central services employees to leave the bank that has just acquired EuroBic.
The national banking sector’s assessment has improved. Caixa Geral de Depósitos is the bank most favoured by the requirements. Stricter rules will apply to the sector in 2026, but the public bank avoids a reserve on real estate exposures.
