Establishment of branches

Branches of credit institutions or payment institutions authorised in other European Union (EU) countries

The establishment of a branch of a credit institution or a payment institution authorised in another EU country is only subject to the communication to Banco de Portugal by the supervisory authority of the home country of all relevant information, pursuant to Directives 2006/48/EC and 2007/64/CE.

The branch may carry on in Portugal the activities listed in Annex I of those Directives and reported to Banco de Portugal for the purpose.

Branches of credit institutions authorised in third countries

The establishment of a branch of a credit institution having its head office in a third country depends on an authorisation to be granted by the Ministry of Finance. The procedure shall be initiated by Banco de Portugal and include the scope of activity to be authorised.

The capital earmarked for operations to be carried out by the branch shall be sufficient to cover those operations and no less than the minimum amount required by the Portuguese law for credit institutions of the same type.