The Spanish bank has been engaged in discussions with Lone Star regarding an agreement for Novo Banco, according to sources who requested anonymity due to the confidentiality of the information.
In November, CaixaBank introduced a new strategic plan for the 2025-2027 period, projecting an annual growth of 4% for BPI, the Portuguese bank it acquired in 2016.
“We do not contemplate any growth operation other than purely organic growth in Portugal. We want BPI to continue growing organically and without acquisitions,” stated Gonzalo Gortázar, in response to journalists’ questions at the end of January about the possibility of CaixaBank purchasing other banks in Portugal, such as Novo Banco.
The Portuguese bank might also attract interest from other potential buyers, including the French banking group BPCE, as reported by Bloomberg.
Lone Star, which holds 75% of Novo Banco, is continuing preparations for the bank’s IPO, despite interest from buyers. It should be noted that any transaction would require support from the Portuguese government, which holds the remaining stake in Novo Banco.
Other entities have also been linked to Novo Banco, such as Caixa Geral de Depósitos, the largest bank in Portugal by assets, which stated in February that it is analyzing a possible acquisition.
On Tuesday, Novo Banco reported profits of 177.2 million euros in the first quarter, a 1.9% decrease compared to the first three months of 2024.
Lone Star announced plans for this year to sell part of the bank through the stock market and a dividend distribution plan to make the institution attractive to investors.
CaixaBank is among the Spanish banks that have increased their presence in Portugal in recent years. In 2017, Spain’s largest national bank took control of Banco BPI, and last year, Abanca acquired EuroBic.
