Portugal's fourth-largest bank has received approval to open two representative offices in the United States.
The Federal Reserve Board on Monday approved an application from Banco Português de Investimento to open offices in Newark, N.J., and New Bedford, Mass. The offices will serve as customer liaison centers and handle back-office and loan servicing functions, according to the order. Representative offices are barred from accepting deposits, making loans or engaging in other banking activities.
The $56 billion-asset company, also known as Banco BPI, already has a money remitter unit in Newark, though it will close that operation when the new offices open.
Banco BPI has branches in Spain, France, Macau and the Cayman Islands, as well as representative offices in Canada, Venezuela, Germany, France, the United Kingdom, Switzerland and South Africa. It also operates banks in the Cayman Islands, Angola, Mozambique, Spain and Switzerland.