BPCE signs a Memorandum of Understanding to acquire Novobanco, Portugal’s fourth-largest bank

Groupe BPCE has signed on the 13th of june 2025 a Memorandum of Understanding for the acquisition of a 75% equity interest in novobanco, Portugal’s fourth-largest bank, from the private equity firm Lone Star Funds.

Groupe BPCE Strategy

Groupe BPCE, the second-largest bank in France1 and the fourth-largest in Europe2, has signed a Memorandum of Understanding for the acquisition of a 75% equity interest in novobanco from the private equity firm Lone Star Funds. The transaction, representing a cash amount of approximately3 €6.4bn (for 100% of the shares) and a multiple of around 9x annual earnings, is the biggest cross-border acquisition in the euro zone for more than 10 years.

Following the creation of BPCE Equipment Solutions at the start of the year, this project marks a new key stage in the execution of the “Vision 2030” strategic plan, geared to developing and diversifying BPCE in France, Europe and the wider world. On completion of the transaction, Portugal would become the Group’s second-largest domestic retail market.

Novobanco, a solid player in Portugal demonstrating exemplary growth in recent years

Novobanco, Portugal’s fourth-largest bank 4, has built up a solid franchise and holds market shares of c.9% with individual customers and c.14% with corporate clients. It has 1.7 million individual customers and manages a €17 bn corporate loan book. With its 4,200 employees, Novobanco operates through some 290 branches and an extensive network of external partners, while also offering a rich customer experience through its digital channels.

In recent years, Novobanco has become one of the most profitable banks in Europe, posting a cost-income ratio under 35% and a return on tangible equity (RoTE) exceeding 20%5. These results have been underpinned by the quality of novobanco’s teams, together with the engagement of its shareholders for the last eight years.

BPCE, lasting engagement in Portugal, focused on financing the economy

BPCE currently employs over 3,000 staff in Portugal, a figure testifying to its lasting engagement with the country. Since 2017, the opening of a multi-business center of expertise in Porto has deepened its local ties.

By welcoming Novobanco into the Group, alongside the Banque Populaire and Caisse d’Epargne banking networks, which already serve the French economy, BPCE would further strengthen its role as an important development partner for the Portuguese economy, recognized for its solid fundamentals and resilience. Through the transaction, BPCE intends to facilitate financing for local companies and individuals’ projects, while also expanding the range of services offered to Portuguese customers. BPCE will leverage all of its expertise to strengthen value creation in close collaboration with Novobanco.

Execution of the “Vision 2030” strategic plan

The acquisition of Novobanco would help diversify BPCE in two respects: geographically, via access to a dynamic economy, and in balance sheet terms, by increasing the proportion of variable rate loans on its balance sheet, thus improving its revenue profile. The acquisition would be a growth driver for the whole Group. It is perfectly consistent with BPCE’s “Vision 2030” strategy, underlining the Group’s determination to expand in France, Europe and the wider world through strategic investments that create lasting value.

The transaction marks a new key stage in the Group’s European-scale growth, following the creation of BPCE Equipment Solutions in February 2025 and the ongoing project to create the leading European asset manager in partnership with Generali. On completion of the transaction, Groupe BPCE’s CET1 ratio would remain above 15%.

Timing of the transaction

BPCE is engaging in discussions with the Portuguese government and the Portuguese Banking Resolution Fund with a view to acquiring their equity interests in Novobanco (11.5% and 13.5%, respectively), on identical terms.

BPCE will proceed with the necessary consultations with employee representative bodies in order to sign the acquisition contract. The project is projected for completion in the first half of 2026.

For Nicolas Namias, CEO of BPCE :

“BPCE is pleased to announce today the project to acquire Novobanco in Portugal. Holding market shares of c.9% with individual customers and c.14% with corporate clients, Novobanco possesses excellent fundamentals, strong growth potential and an already high level of profitability. Major player in local banking in France thanks to the Banque Populaire and Caisse d’Epargne banking networks, BPCE would become a retail banking player in Europe with the acquisition of Novobanco and would actively participate in financing the Portuguese economy.

A few months after the creation of BPCE Equipment Solutions, the projected transaction marks a new key stage in the execution of our Vision 2030 strategic plan, announced close to a year ago.

The financial terms of the transaction reflect a disciplined and stringent valuation approach, as well as our confidence in novobanco’s ability to create value over time.

BPCE’s executive managers and employees are all particularly enthusiastic about the prospect of welcoming novobanco, its management and its 4,200 employees, in order to write a new chapter of growth, innovation and performance in Europe together”.

1 Ranking based on market share of outstanding loans for all non-financial customer segments (Banque de France 3Q24)

2 Ranking in terms of capital (€73bn for BPCE)

3 Estimated consideration as of December 2025

4 Ranking in terms of balance-sheet size at end-2024

5 In first-quarter 2025

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BPCE подписала меморандум о взаимопонимании по приобретению Novobanco, четвертого по величине банка Португалии

13 июня 2025 года Groupe BPCE подписала меморандум о взаимопонимании по приобретению 75% акций Novobanco, четвёртого по величине банка Португалии, у частной инвестиционной компании Lone Star Funds.

Сделка, предполагающая выплату наличными в размере примерно 6,4 млрд евро(1) (за 100% акций), является крупнейшим трансграничным приобретением в еврозоне за последние 10 лет. После создания BPCE Equipment Solutions в начале года этот проект знаменует собой новый ключевой этап в реализации стратегического плана VISION 2030, направленного на развитие и диверсификацию BPCE во Франции, Европе и мире. После завершения сделки Португалия станет вторым по величине внутренним розничным рынком Группы.

**Novobanco, четвёртый по величине банк Португалии (2) с долей рынка 9% среди частных клиентов и 14% среди корпоративных клиентов, насчитывает 1,7 миллиона частных клиентов и управляет корпоративным кредитным портфелем на сумму 17 млрд евро**.

В Novobanco работают 4200 сотрудников, он имеет около 290 отделений и обширную сеть внешних партнёров, а также предлагает широкий спектр услуг для клиентов через цифровые каналы. В последние годы Novobanco стал одним из самых прибыльных банков в Европе с коэффициентом затрат к доходам менее 35% и рентабельностью собственного капитала (RoTE), превышающей 20%(3).

Приобретение Novobanco поможет BPCE диверсифицировать свою деятельность в двух аспектах: географическом, обеспечив доступ к динамичной экономике, и в плане бухгалтерского учёта, увеличив долю кредитов с плавающей процентной ставкой на своём балансе, что улучшит структуру доходов.

Эта сделка знаменует собой новый ключевой этап в развитии Группы в европейском масштабе после создания BPCE Equipment Solutions в феврале 2025 года и продолжающегося проекта по созданию ведущего европейского управляющего активами в партнёрстве с Generali. После завершения сделки коэффициент CET1 Groupe BPCE останется выше 15%.

BPCE проведет необходимые консультации с представителями сотрудников, чтобы подписать договор о приобретении. Проект планируется завершить в первой половине 2026 года.

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