The Banque Populaire Caisse d’Epargne (BPCE) announced today the acquisition of 75% of Novo Banco from Lone Star Funds, valuing the bank at 6.4 billion euros for 100% of its share capital. BPCE describes itself as a “solid player in Portugal” with a lasting commitment to the country.
“BPCE currently employs over 3,000 people in Portugal, reflecting its ongoing commitment to the nation. Since 2017, the establishment of a multi-company competence center in Porto has strengthened local ties,” the statement reads.
With Novo Banco’s integration into the group and alongside the Banque Populaire and Caisse d’Epargne networks in France, BPCE aims to reinforce its role as a major partner in the development of Portugal’s economy, praised for its strong foundations and resilience.
“Through this transaction, BPCE intends to promote the financing of local projects for businesses and individuals while expanding the range of services available to Portuguese customers.”
The French banking group already operates a Natixis development center in Portugal, established eight years ago in Porto. With 2,500 employees, it provides investment banking, asset management, risk, financial, and compliance services to BPCE.
BPCE also owns Banco Primus in Portugal, headquartered in Lisbon with 130 employees, specializing in consumer credit, primarily focusing on used car financing.
BPCE reports that Banco Primus holds a 4% market share in Portugal and granted over 90,000 loans in 2023.
Additionally based in Lisbon is Oney, a subsidiary of Oney Bank, an online European bank specializing in payment solutions, credit, and insurance, with BPCE as the majority shareholder.
Established in 1994 under the name Creditplus, Oney employs 360 people and participates in Portugal’s consumer credit market, serving about one million customers.
Globally, Groupe BPCE operates in more than 50 countries, with 100,000 employees and 35 million customers. Claiming to finance 22% of the French economy, it positions itself as “the second-largest banking group in France and the fourth-largest in the eurozone by capital.”
In France, it operates in retail banking and insurance sectors through its major networks, Banque Populaire and Caisse d’Epargne, in addition to Banque Palatine and Oney.
BPCE also provides global services in asset and wealth management via Natixis Investment Managers and wholesale banking through Natixis Corporate & Investment Banking.
In a statement released today regarding the Novo Banco sale, the Ministry of Finance highlighted BPCE as “the second-largest French bank, one of Europe’s major banks, and a cooperative banking structure,” noting that the transaction “will enable value creation and support for the national economy and Portuguese companies.”
Alongside the 75% of Novo Banco held by Lone Star, BPCE will acquire the remaining 25%, owned by the Directorate-General of the Treasury and Finance (11.46%) and the Resolution Fund (13.54%).
Novo Banco was formed in 2014 to take over parts of Banco Espírito Santo’s (BES) banking activities during its resolution.
Since 2017, following the sale of Novo Banco to Lone Star, the banking Resolution Fund injected 3.405 billion euros into the bank, sparking several political and media controversies. The early termination of this mechanism by the end of 2024 enabled the sale of Novo Banco and its payment of dividends.
