Concerns Rise Over Caixa Geral de Depósitos Branch Closures in Madeira

Miguel Iglésias Raises Alarm on Bank Closures

Miguel Iglésias, the PS deputy elected from Madeira to the Assembly of the Republic, expressed his deep concern on Tuesday regarding the closure of Caixa Geral de Depósitos (CGD) branches in Madeira.

Public Service Commitment Under Threat

Based on reports from various national media outlets, there are indications that the public bank intends to reduce services in mainland Portugal as well as in the Autonomous Regions of Madeira and the Azores. Iglésias stated that such decisions are unacceptable.

“It is with great concern that we read in the news about the intention of Caixa Geral de Depósitos to once again close services in Madeira. It is unacceptable for a public bank to make such decisions, especially considering its importance and nature. It should serve as a model of extensive public service in the autonomous regions and the rest of the national territory,” he emphasized in a statement.

Erosion of Trust Among the Local Population

Iglésias further remarked that this move represents another blow to the confidence of Madeira's residents and does not reflect well on a bank that has received significant financial support from taxpayers, including those from Madeira.

Growing Concerns from Workers' Commission

In early October, the Workers' Commission of CGD denounced what they described as the bank’s failure to fulfill its public banking service duty, raising alarms about the degradation of that service. The closure of branches and the termination of some services will lead to constraints for the affected local populations, according to the commission.

Consumer Advocacy Groups Respond

Today, the Consumer Defense Association (Deco) also commented on CGD's intentions, noting that bank exclusion is on the rise, especially among older populations living in the country's interior, who are increasingly losing access to banking services.