“MAIS, SBN, and SBC welcomed the information that there will be no reduction of the bank’s workforce, considering this assurance to be reassuring, but also emphasized that it is what is expected and required in an operation of this type,” stated the three unions in a communiqué.
Lone Star has reached an agreement with the French banking group BPCE for the sale of its shareholder position in Novo Banco, with the deal valuing the bank’s entire share capital at 6.4 billion euros.
The transaction is expected to be concluded in the first half of 2026.
According to Mais Sindicato, Sindicato dos Trabalhadores do Setor Financeiro de Portugal (SBN), and Sindicato Nacional dos Trabalhadores da Banca, Seguros e Tecnologias (SBC), the main concern in this deal was “the future of its 4,200 workers, especially as there were rumors that the institution could be acquired by a bank already operating nationally.”
The commitment to maintain the employee numbers was affirmed by the CEO of BPCE Group on the day of the announcement, June 13, during a teleconference.
Despite these assurances, the three unions announced that they have requested urgent meetings with the Novo Banco administration and the Finance Minister “to be fully briefed on their intentions.”
“MAIS, SBN, and SBC will closely monitor the acquisition process to ensure BPCE’s commitment is fully honored,” they emphasized.
The government has also announced it will oversee the sale by Lone Star, selling its 11.46% stake in Novo Banco, controlled via the Ministry of Finance, which should yield around 733 million euros.
The remaining 13.54% is held by the Resolution Fund, which could earn approximately 866 million euros from the deal.
