New bank sold to BCPE. A pressure -made business, where “taxpayers lose”

Lone Star has announced that it has reached an agreement with the French banking group BPCE to sell Novo Banco for an amount equivalent to an appreciation of 6,400 million euros to 100% of the capital.

“O New bankSA (“Novobanco” or “Bank”) reports that its majority shareholder, Nani Holdings S.à RL (an entity detained by Lone Star Funds), signed a memorandum of understanding for the Selling your shareholder position to the BPCEfor an amount equivalent to an appreciation of approximately € 6.4 billion, at the end of 2025, to 100% do capital social”It reads in a statement sent this Setxa to the Securities Market Commission (CMVM).

The completion of the transaction is scheduled for the first half of 2026.

The French group points out that the purchase of Novo Banco, “representing an amount of approximately 6,400 million euros (for 100% of capital) and a multiple of about 9x the annual earnings, It is the largest transnational acquisition in the eurozone in more than 10 years”.

“Upon completion of the transaction, Portugal will become the second largest national retail market of the group,” he emphasizes.

But… “Taxpayers lose”

Speaking to, the economist and teacher at Porto Business School Filipe Cricket considers that the 6,400 million euros are shortdemonstrating that the new bank was never able to recover from the inheritance left by BES.

“I would say it is the possible business (…) this value is a little short of the estimates we had, taking into account the money that was injected in the new bank by the Portuguese government. There was, clearly, there was a value destruction when the BES to the New Bank was passed. After 10 years, we have not yet recovered this value. This is what this business means, ”he said.

Also referring to the sale of the 25% capital that the state had in Novo Banco, Filipe Grilo considered that Who is losing are the taxpayers: “Clearly we are contributors to lose with this business.”

Government had weight in the decision

The expert also stressed the “important detail” of the sale was not made to a Spanish group -. However, to avoid such a scenario, this business may indicate that it was done under some pressure.

“It is curious that the government, at the last minute, being able to get a buyer who was not Spanishwhich turns out to be an important detail, given that the finance minister himself said it was not very comfortable that the bank was sold to another Spanish group. Therefore, there is some weight of the government in this decision, ”he said.

Natixis in Porto employs more than 3,000 people

Currently employing more than 3,000 people in Portugal, BPCE states that the opening in 2017 of a Multimpreserial competence center in Porto (a Natixis) “It came to deepen the local bonds.”

For the new bankthe decision of the majority shareholder to advance with a direct sale to the BPCE “represents a strategic opportunity, positioning the bank to integrate one of the largest and most solid European financial groups”.

“In part of the novobanco in the group, namely alongside banker Populaire and Caisse D’Epargne banking networks, BPCE will reinforce its role as an important partner of the development of the Portuguese economy.”

The New Bank states that the transaction now announced “concludes the process of transformation” of the banking institution, “making it one of the most profitable banks in Europe, with an objective of profitability on the medium-term tangible capital (route) over 20%.”

Fourth largest banking group in the eurozone

Groupe BPCE presents itself as the second largest banking group in France and the fourth largest in the eurozone in terms of capital, with 100,000 workers and 35 million customers worldwide.

Novo Banco was created in 2014 to be part of Banco Espírito Santo (BES) banking activity, in its resolution.

Since 2017, when Novo Banco was sold to Lone Star, the Banking Resolution Fund injected 3,405 million euros into the bank, causing various political and media controversies. With the early end of this mechanism, at the end of 2024, it became possible to sell the new bank and that this pays already dividends.

Lone Star announced for this year the sale of part of the bank on the stock market and a dividend distribution plan to make the institution attractive to investors.