An official source confirmed to Lusa the branch closures as part of the "optimisation of the branch network and improvement of customer service," adding that no employee departures are expected at the bank's initiative.
The goal is to "concentrate larger teams in larger branches" and achieve a more efficient service, the bank explains, adding that branch closures should be limited to overlapping areas.
The bank's statement comes after being questioned about information received by industry unions affiliated with the UGT (Workers' Union) that indicated branch closures.
In a statement, Mais Sindicato, the Portuguese Financial Sector Workers' Union (SBN), and the National Union of Banking, Insurance, and Technology Workers (SBC) said they had received "various information" in this regard, prompting them to request an urgent meeting with Santander Totta's president, Pedro Castro e Almeida.
Santander Totta assured Lusa that the strategy "is not a cost-cutting exercise" and that it is a commitment to new-generation branches.
Among the solutions proposed by Santander are work cafés, a branch model that combines the services of a bank branch with a coffee shop and a co-working area.
Santander Totta added that it also has more than 300 VTM (virtual teller machines) that allow for deposits, large-value withdrawals, and many other daily operations.
At the end of June this year, Santander Totta had 4,673 employees and 327 branches, 107 more employees and two fewer branches than a year earlier.
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Who are they kidding? Not a cost cutting exercise! Don't make me laugh. The greedy execs just want to make more profit so they can pay themselves more. Two out of three of the Totta branches nearest to me have already closed a couple of years ago. The remaining one (Olhao), there can be large queues, and some staff can be unhelpful.
By David Clark from Algarve on 22 Sep 2025, 22:29
No-one should need to use a bank branch in this digital age. Modern technology is a boon, it saves us time, money and effort, yet we still have the same old dinosaurs whining about branch closures, and fighting to remain in the past, relying instead on physical meetings, phone calls or sending letters in the post. People need to change with the times and not stay stuck in the past. Like when you order a taxi, a car arrives, not someone on horseback. This is 2025, not 1752.
By Billy Bissett from Porto on 23 Sep 2025, 11:58