Workers aged 55 or less can accept to join the scheme until 2 June.
There is an early retirement system offered to older workers.
It was already known that BPI, which has been controlled by the Spanish Caixabank since the beginning of the year, was going to make staff cuts over and above the reductions it had made in recent years.
In its tender document to take over BPI, CaixaBank anticipated creating synergies in three years worth €120 million and estimated that €35 million would be through higher income and €85 million through cost savings, a large part of which would be by cutting the staff by 900.
Asked back in April about this matter, the future CEO of BPI, Spaniard, Pablo Forero, acknowledged that the bank now had more money to pay for the dismissals.
BPI employed 5,445 workers in Portugal at the end of March.