In a resolution submitted today to the Assembly of the Republic, the communist parliamentary group argues that the sale of 100% of Novo Banco to the French banking group BPCE aims to “end a process of raiding state coffers, with the government’s collusion,” and represents “a new economic and political crime.”
The PCP claims that “presenting this operation, as the PSD/CDS government did, as something positive is a blatant attempt to deceive the Portuguese people,” arguing that this was a “ruinous deal” in which “the Portuguese people paid, a U.S. fund profited, and a French economic group acquired the bank.”
“The sale and total privatization of Novo Banco is the most unjust step, most contrary to national interest, most harmful to the State of all possible steps, even considering the disastrous trajectory from BES to Novo Banco during the period between the implementation of the resolution measure and this announced sale,” they added.
The communist group believes that this operation “is not politically acceptable and its implementation can and should be halted,” and argues that instead of being sold, Novo Banco should be nationalized to place the institution at the “service of the country’s development.”
Lone Star reached an agreement with the French banking group BPCE for the sale of its stake in Novo Banco, with a valuation equivalent to 6.4 billion euros for 100% of the share capital.
The transaction’s completion is expected in the first half of 2026.
The government has also announced that it will oversee Lone Star’s sale, disposing of the 11.46% of Novo Banco’s capital directly controlled by the Ministry of Finance, which is expected to yield around 733 million euros.
The remaining 13.54% is held by the Resolution Fund, which could receive about 866 million euros from the deal.
