Top List of Banks in Portugal

Banks in Portugal are supervised by the Central Bank, which is independent of the government. It has four main goal areas: to maintain price stability and set interest rates, organize efficient banking structures and effective payment systems, supervise financial institutions and markets, and contribute to sound economic performances in Portugal.

The Financial System of Portugal is divided into several sectors (namely Insurance, Banking, Securities and Investment Funds) and subsectors. The Bancos de Portugal (Portuguese Central Bank) is the institution that regulates the Portuguese financial system. It also has functions in regulating most of the sector as a supervisory authority.

Some banks have dominated the Portuguese airwaves with tremendous growth and profit. Let's learn them here.

Caixa Geral de Depósitos

Caixa Geral de Depósitos, S.A. is a Portuguese bank headquartered in Lisbon, Portugal. It is Portugal's largest retail bank and third-largest financial group. It was the second Portuguese company listed in the 2006 Forbes Global 2000 list of the world's biggest companies. It offers services like checking and savings account opening, balances inquiry, cash withdrawal/deposit, transfer funds processed in a friendly manner, and helpful guidance when needed.

The bank was formed in 1864 and since then has employed close to 700 staff who are serving in their different branches and ATMs countrywide. Its total assets as of 2020 were EUR 54.40 billion (USD 59.39 billion)

Banco Comercial Portugues

Banco Comercial Portugues, S.A. (BCP) is the largest private bank in Portugal. The Bank provides various products and services to individuals, corporate, institutional and sovereign clients. 

Its offerings include personal banking products and services, such as retail, credit cards, and insurance; corporate banking products and services, such as commercial-credit cards and asset management.

The bank was introduced in 1985 and had over 1380 branches with more than 4.3 million clients. Its total assets are estimated to be more than EUR 88.57 billion (USD 96.69 billion)

Banco Internacional do Funchal

Banco Internacional do Funchal is a medium-sized bank active in Portugal, with an international presence in the Anglophone and Lusophone worlds. It was founded in 1988, as Banco Nacional Ultramarino de Macau.

It offers several banking and financial services, including investment banking, retail and commercial. Its headquarter is in Lisbon with other branches in different countries.

The bank listed an asset of EUR 523 million (USD 570.35 million) as of 2016.

Banco Popular Portugal

Banco Popular Portugal is the third largest bank in Portugal. It focuses mainly on individual customers; the group was founded in 1985 and is based in Porto. Until the 90s, it used to operate exclusively on the deposit market. Its activity was profitable for several years, with dividends reaching record levels. The bank has a presence throughout the Portuguese territory, with more than 118 branches distributed from north to south.

The bank offers all banking activities, including personal and commercial banking, investment banking, asset management, capital markets and insurance. 

It has a total of 679 ATMs and over 20,000 employees. Its assets stood at EUR 79.42 billion (USD 86.70 billion) as of 2016.

Novo Banco

Novo Banco is a provider of financial services in Portugal. Novo Banco provides personal and business banking, mortgage financing, treasury management services, and asset management. In addition, the bank offers credit cards, money, term deposits and loans, and mutual funds. It serves customers in Portugal and Spain.

Since its introduction in 2014, it has managed over 387 branches and more than 4,582 individuals in its payroll. Its total assets stand at EUR 44.40 billion (USD 48.47 billion)

Banco BPI

Banco BPI was founded in 1981 and is currently the 4th biggest Portuguese bank. With its origins in the 20th Century, Banco BPI so far has had a long-lasting solidity and has been reacting to the needs of small savers and entrepreneurs for almost 50 years. It's one of the largest banking groups in Portugal, with a vast domestic market share operating through a local branch network.

The bank offers services like Banking Activities, Treasury and Financial Operations, Real Estate Management, and Other activities. It has 880 branches with more than 1.4 million customers satisfied with its services. Its assets are understood to reach EUR 37.79 billion (USD 40.82 billion)

Caixa Central de Crédito Agrícola Mútuo, C.R.L

It is a Portuguese financial institution of mutual structure and non-banking type. The bank offers an extensive network of customer support and services, including current accounts, term deposits, housing loans, personal loans, business loans.

The bank offers investment funds, asset management, commercial/retail banking and insurance to all its customers across several branches and ATMs around the country.

Banco Privado ATLÁNTICO – Europa

Banco Privado ATLANTICO – Europa is a private banking institution, regulated by European Union Directives and supervised by Banco de Portugal. BPA has been providing personal banking services for over 6years and is currently present in Angola.

It recently began offering private banking and wealth management services thanks to a partnership with Pictet Wealth Management SA. The bank currently serves more than 10,100 customers with more than 130 staff to assist the clients. 

It reported a total asset of EUR 1.2 billion (USD 1.31 billion)

Banco Financial, S.A.

Banco Financial, S.A. provides wealth management, investment banking, retail banking, and asset management services. It offers investment strategies, fund management and advisory, portfolio management and advisory, brokerage services, financial asset structuring services, pension plans management and advisory.

The bank reported an asset of EUR 2.11 billion (USD 2.30 billion) as of 2020.

Banco Santander Totta

Banco Santander Totta S.A. is a Portuguese bank owned by Banco Santander, the Spanish banking group that has played an essential part in the Portuguese economy. It has its headquarters in Lisbon and operates in the retail and commercial banking, asset and wealth management, insurance and real estate businesses, with a presence in all major economic sectors.

The bank owns 640 branches with a total of 7000 employees. Its total assets were estimated to be about EUR 45 billion (USD 5.95 billion).


Can I open a Portuguese bank account online?

Most banks in Portugal do not allow this kind of opening of a bank account and instead require you to go to their offices to help you perform the task. On the other hand, one bank can make an exception for this case. Atlantico is the only bank that can allow you to open an account online, which helps more if you want to meet the residency visa requirement.