“What is needed is to halt the process of closing branches and reverse that process, in particular reopening a group of branches that have played the role of proximity to residents,” says a PCP memo sent to newsrooms.
In the same note, the Communist Party explained that the State Bank is preparing to close another 23 branches in mainland Portugal, “in a process that is not new and has already led to the closure of more than 300 branches in the past 10 years”.
According to the PCP, this is a process that is accompanied by a systematic reduction in the number of workers – less than 3,300 in the past ten years – which has contributed significantly to the difficulties in responding to many branches, and also contributed objectively, to switching to private banking services for clients and companies.”
“All this at a time when CGD announces profits of €486 million in the first half of 2022, values equal, after all, less than what the public bank represents in the strategic services it provides to residents and businesses,” the document continues.
According to the PCP, the state needs to “redefine the guidelines granted to CGD, so that, by its own example, it makes a decisive contribution to breaking the abusive commission practices that are prevalent today in the banking sector.”
According to the memorandum, and in view of the above, the PCP welcomes the struggle of the population and workers in the sector for a “bank in service of the needs of the people and the state”, and informs that it will contact the Minister of Finance before the General Assembly of the Republic to question the government’s guidelines on CGD.
The union of CGD Group Enterprises Workers (STEC) announced on Friday that CGD management intends to “close another 23 branches in mainland Portugal” this month, noting that the “reasons” for this intention are unknown, and that the desire to “reduce expenses” carries with it. Devaluation of CGD’s capacity as a public bank”, noting that there is “inevitable crowding of other branches in these areas”.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
