A Spain-owned banking group announced Thursday that it will close another 26 branches and cut 187 jobs in Portugal in the final phase of its restructuring plan to improve competitiveness in the banking market.

    BBVA Portugal management says the move is part of a cost cutting program aimed at "allowing BBVA Portugal to continue its business growth strategy with its customers, ensuring a more focused relationship model in service, grounded in technology through the 'BBVA Consigo' online service."

    "The growth strategy in Portugal consists of reducing model costs, gaining commercial competitiveness and improving the quality of service at the same time," said a company statement.

    Up until now, BBVA Portugal is made up of 583 employees and 38 branches in Portugal. The closing of BBVA agencies will leave just 12 agencies throughout the country.

    The cuts are the second in two years after the bank announced a plan to cut jobs and close half of its branches in Portugal, which had 81 branches at the time.

    The Spanish-owned bank claims that the intention is to continue to operate in the country. BBVA Portugal has been in the market since 1991.