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BANKING IN PORTUGAL
When the Socialist Government came into power in 1975, the bank and insurance industries were nationalised and subsequently became privatised in the 1980s. Big takeovers in 1995 and 1996 meant that the top five banks increased their market share from 45% to 80%. Further consolidation moves were put on hold last year after a stand off between Spain's largest bank (Banco Santander Central Hispano) and Portugal's third largest group, Champalimaud.
The financial markets have developed considerably since Portugal joined the European Community with innovations such as the Portuguese ATM network.
Banks are open from Monday to Friday, from 08.30 to 15.00 hours. They are closed on Public Holidays and Saturdays. Bank charges are high in Portugal and vary considerably between the different banks for the same service so shop around to make sure you get the best deal for your financial needs.
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