An official source has confirmed the closure of branches as part of the “optimization of branch networks and improvement of customer service,” further noting that there are no plans for workforce reductions initiated by the bank.
The initiative aims to “consolidate larger teams in bigger branches” to achieve more efficient service, according to the bank, adding that closures are expected to be limited to overlapping areas.
The bank’s statement followed inquiries about rumors from sector unions associated with the UGT regarding branch closures.
In a joint statement, Mais Sindicato, Sindicato dos Trabalhadores do Setor Financeiro de Portugal (SBN), and Sindicato Nacional dos Trabalhadores da Banca, Seguros e Tecnologias (SBC) indicated they received “various reports” and demanded an urgent meeting with Santander Totta’s president, Pedro Castro e Almeida.
Santander Totta assured that the strategy “is not a cost-cutting exercise” but rather an investment in next-generation branches.
Among the solutions proposed by Santander are ‘work cafés,’ a branch model integrating banking services with a café and co-working space.
Santander Totta also pointed out that it has over 300 VTM (virtual teller machines) that allow deposits, large withdrawals, and numerous other daily transactions.
At the end of June this year, Santander Totta employed 4,673 workers across 327 branches, with 107 more employees but two fewer branches compared to the previous year.
