The revolution branch in Portugal starts this Thursday, making available IBAN Portuguese to customers, the Portuguese operation official told Lusa, adding that Revolution wants to be the third bank in customers within three years.
“We want to be in the Top Três Nacional, it is an ambition,” Rúben Germano told Lusa, considering that the revolution will be able to reach the number of customers in three years.
To this day, Revolution operated in Portugal under the regime of free provision of services since Lithuania. From now on, it has a branch in Portugal, continuing to be dependent on the Bank of Lithuania (the revolution Bank UAB, which is why deposits remain protected by the Lithuanian Guarantee Fund).
Currently, Revolution has 1.8 million private clients in Portugal and, according to Rúben Germano, with the Portuguese (Bank Account) Portuguese and the new associated services “The Rhythm will accelerate”.
Revolution’s head in Portugal explained that with the Portuguese branch and IBAN Portuguese is facilitated access to services such as ordinate and direct debts (currently there are companies that do not allow these services in accounts with foreign IBAN), services that identify as fundamental for the Portuguese banking client.
With these changes, Revolution is now inserted in the Portuguese Payment System, integrating with Multibanco and MB Way systems.
“This is very important, with the Portuguese IBAN we will be able to be in more moments of the client’s daily life, be the main account of the customer,” he said, considering that so far, without these financial products, the revolution could not be.
Revolution will also launch a deposit account with daily interest.
However, for now, the process of migration of existing customers to the Portuguese branch will be gradual over the coming weeks and some features (such as ATM) will only be available after migration is completed, the Revolution said.
Asked about housing credit, Rúben Germano stated that there is no predictions for revolution to make these loans in Portugal. The group is only granting this credit in Ireland and Lithuania, assessing how the market behaves before deciding to expand to other countries.
“We are still learning from the product right now. We have not already foreseen [para Portugal]. But we know it is a very important product in the Portuguese market. I think when we have all the products we are going to launch this month and a half, this is just this [crédito à habitação] we lack, ”he said.
About companies, Revolution does not yet work with this customer segment in Portugal.
Revolution does not disclose turnover and net results of the operation in Portugal, nor the investment made in Portugal.
The revolution group had a profits of 934 million euros in 2024, more than double the 395 million euros of 2023.
The bank, which calls itself as ‘Supepp Finance’, has more than 55 million customers and more than 10,000 workers worldwide, of which 1,300 in Portugal.
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