Banco Português de Investimento (BPI) is shutting down 25 of its branches before the end of September, including the one in Montenegro, Faro.
The closures follow 76 closures in the first half of the year and are part of a restructuring under BPI president Fernando Ulrich.
The bank’s network shrunk by 9.1% to June this year with 761 branches, investment centers and business centres remaining while Ulrich announced a half-year net profit of €106 million, up 39% compared to the same period in 2015.
Domestic banking activity made a profit of €24.5 million and the bank’s international business contributed €81 million, of which €79 million came from Banco de Fomento Angola (BFA) which has around 50% of the market.
According to Fernando Ulrich, in late June BPI had 5,846 employees, 54 less than at the end of December 2015 and 267 are set to leave before the year-end through early retirement deals.
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