According to information released by the Bank of Portugal, in 2018 forty-nine Portuguese municipalities were only three bank branches. These include Ponta do Sol, Porto Moniz, Porto Santo, Santa Cruz and Santana.
With the justification of having to cut costs, banks have been restructuring, creating some controversy, as was the case of Caixa Geral de Depósitos (CGD).
According to data from an article written by the Bank of Portugal, and published by the national website ‘Pt Jornal’, over 2,000 bank branches have closed down in the last decade (2008-2018).
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