Portugal Banks Under No Great Pressure to Consolidate, APB Says

Portuguese banks are under no great pressure to consolidate and the market is already sufficiently competitive, according to the head of the Portuguese Banking Association.

Still, the possible initial public offering or sale of Novo Banco SAcould trigger changes to the country’s financial sector, said Vitor Bento, the association’s chairman.

Vitor Bento

Source: APB

“I don’t think there’s a lot of pressure for consolidation,” Bento said in an interview on Thursday. “Obviously, the Novo Banco sale process is an element that could change this balance.”

Novo Banco was created in 2014 following the breakup of Banco Espirito Santo SA, which got ...