The plans involve 43 branches out of a total of 81 in total and 177 employees, the source said. The move comes after BBVA lost €111 million ($138 million) last year in Portugal.
Portugal exited a €78-billion bailout scheme in May, with its banking sector hit hard in the wake of the 2008 financial crisis.
BBVA said last month its profits tripled in the third quarter despite falling over the first six months of this year after exceptional gains in 2013.
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