Portugal Opposes Further Increase in Spanish Banks’ Presence

Portugal said Spanish lenders shouldn’t further increase their presence in the country, the latest sign of a European government wanting to intervene in potential banking deals.

Spanish lenders now represent about a third of Portugal’s banking market, Finance Minister Joaquim Miranda Sarmento said in an interview with television channel RTP3 on Wednesday night. “I think that value shouldn’t increase, due to a matter of concentration and of dependency.”