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Foreign banks in Portugal are having to take serious decisions about their future. With market growth slowing and competition increasing, a change of strategy is the least that is needed and some players have decided to quit altogether. Others have adopted a halfway-house position, such as cutting staff and moving operations to Madrid. Of the departing banks, the most notable recent example was Chemical Banking Corporation, which prior to its merger with Chase sold a controlling stake in Banco Chemical (Portugal) to the industrial and financial concern run by Antonio Champalimaud in February. |
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