Portuguese banking has been criticised in the past for being conservative, excessively prudent and lacking in aggression. In the current climate, these qualities appear not only astute, but are increasingly seen as the defining characteristics for the post-crisis business and regulatory environment that is starting to take shape internationally.
"People are beginning to align the Portuguese way of doing things, traditionally depicted as cautious, unadventurous and safe, with the new realities of the financial world," says Artur Silva Fernandes, vice-chairman and chief executive of Banif Investiment Bank. After the global banking sector went so far in the other direction, he suggests, the more balanced approach of Portuguese banks may represent part of the new way forward.
