This resolution project, introduced by the PCP in June, advises the government not only to halt the sale of Novo Banco but also to regain public control to use it for the “development of the country.”
Speaking to journalists at the Assembly of the Republic, Paulo Raimundo described the sale of Novo Banco to the French banking group BPCE as an “ongoing crime,” emphasizing that the bank was paid for by each Portuguese taxpayer.
“The state paid for this bank; it was handed over to an American economic group [Lone Star], which took control of the asset and managed it as it saw fit, for sale to anyone it desired. It did so: sold it to a French group,” he stated.
Paulo Raimundo highlighted that, in reality, Lone Star “did not spend a cent on Novo Banco” but is handing it over “clean and new,” after taxpayer money was injected, to the French group BPCE.
“We believe it is still possible and necessary to reverse this ongoing process. There is an opportunity to do so: we initiated this in the Assembly of the Republic, and it will be voted on tomorrow [Friday]. The Assembly has the obligation to stop this economic crime,” he asserted.
For the PCP Secretary-General, given that the state has borne costs with Novo Banco, it should now also “benefit and place the bank at the service of the economy, the development of the economy, and the country.”
“That was the obligation. Let’s see how other parties behave. We know they underplay our initiative, we know they consider a loss exceeding 6.3 billion euros from our pockets a reasonable thing. We believe it is not reasonable: not this hole, nor this ongoing option,” he remarked.
Lone Star reached an agreement with the French banking group BPCE for the sale of its stake in Novo Banco, equivalent to a valuation of 6.4 billion euros for 100% of the share capital.
The transaction completion is expected in the first half of 2026.
The government has also announced it will accompany Lone Star’s sale, disposing of the 11.46% of Novo Banco’s capital directly controlled by the Ministry of Finance, which should yield about 733 million euros.
The remaining 13.54% is held by the Resolution Fund, which could secure about 866 million euros from the deal.
