A group representative's office was first opened in Portugal in 1981, and following legislation permitting the establishment of foreign banks, branches were opened in Lisbon and Oporto. Branches continued to open over the next decade: 8 retail branches in 1990; 21 retail branches in 1991; 18 retail branches in 1992; 19 retail branches in 1993; and the launch of private banking services, a life assurance company and 4 additional branches in 1994. In 2004, a new office was opened in the Algarve to serve the growing number of British property owners in the area. By 2006, Barclays was the first non-Iberian bank in Portugal to offer the full range of retail, commercial and investment banking products. In 2005, further branches were opened in Vila Moura, Almancil and Lagoa, and by 2006, Barclays opened its 100th branch at Leca de Palmeira. Barclaycard Europe and ASBA announced its first co-branded credit card in Portugal in 2007, AXA Barclaycard. 20 months after its launch in 2007, Barclaycard gained its 100,00th cardholder. A joint life insurance venture between Barclays and CNP Assurances SA was announced in 2009, and in 2010, Barclays Portugal celebrated its 25th anniversary. A co-branded credit card was launched in 2011, a partnership between Barclaycard and Cepsa, and a high interest savings account, Valor Azul, followed in 2012. In 2014, Barclays announced that all of the European retail bank businesses were to be placed within a 'Barclays Non-Core.' From here, the businesses were to be exited or run down over time in a considered and responsible way. In September 2015, Barclays agreed to sell its Retail Banking, Wealth and Investment Management businesses, together with part of its Corporate Banking business in Portugal to Bankinter SA. It was also announced that Barclays' Portugese insurance business would be sold to Bankinter Seguros de Vida Seguros y Reaseguros, but Barclaycard, investment banking and multinational corporate banking would continue to operate.
All information is correct as of December 2015.