French banking group BPCE expands in Portugal with Novo Banco Acquisition in €6.4bn deal
Posté le 17 juin 2025
France’s second-largest banking group BPCE has signed a Memorandum of Understanding (MoU) for the acquisition of a 75% equity interest in Novo Banco, Portugal’s fourth-largest bank, currently owned by Lone Star Funds. The transaction, valued at approximately €6.4 billion (for 100% of shares), represents the largest cross-border banking deal in the eurozone in over a decade.
Strategic Impact
This move aligns with BPCE’s Vision 2030 strategy and would make Portugal the Group’s second-largest domestic retail market. Novo Banco serves 1.7 million customers, and manages a €17bn corporate loan book. With its 4,200 employees, Novo Banco operates through some 290 branches and an extensive network of external partners and holds market shares of c.9% with individual customers and c.14% with corporate clients and has demonstrated strong profitability with a RoTE above 20%.
Growth Strategy in the Portuguese Market
By welcoming Novo Banco into the Group, alongside the Banque Populaire and Caisse d’Epargne banking networks, which already serve the French economy, BPCE would further strengthen its role as an important development partner for the Portuguese economy, recognized for its solid fundamentals and resilience. Through the transaction, BPCE intends to facilitate financing for local companies and individuals’ projects, while also expanding the range of services offered to Portuguese customers.
As part of the deal, BPCE is also in talks with the Portuguese government and Portuguese Banking Resolution Fund to acquire their combined 25% stake. The transaction is expected to close in the first half of 2026, following consultations and regulatory approvals.
Nicolas Namias, CEO of BPCE, commented: “BPCE is pleased to announce the planned acquisition of Novo Banco in Portugal. With strong fundamentals, high profitability, and solid market positions, Novo Banco represents a key step in our Vision 2030 strategy. We are enthusiastic about welcoming its team as we write a new chapter of growth and innovation in Europe and actively contribute to financing the Portuguese economy.”
Legal Advisors
CS’Associados and PwC Portugal, alongside French law firm Darrois Villey Maillot Brochier, have advised Groupe BPCE for the acquisition of Novo Banco, On Lone Star Funds’ side, DLA Piper Portugal advised Nani Holdings, an affiliate of the fund, alongside law firm Weil, Gotshal & Manges.
CS’Associados advised Groupe BPCE on the signing of the Memorandum of Understanding for the acquisition of Novo Banco. The team was led by partner David Oliveira Festas and included partners Maria Castelos, Bernardo Abreu Mota, António Rocha Mendes, António Rocha Alves, André Salgado Matos and associates Francisco Albuquerque Reis and Maria Almeida Garrett.
PwC Portugal also advised the BPCE group covering legal, financial, tax, ESG, and technology due diligence. The legal team was led by Corporate M&A partner Isabel Coelho dos Santos and included managing partner Cristina Cabral Ribeiro, Miguel Paiva Antunes (Senior Manager, Corporate M&A), Ana Pinto Nunes (Manager, Corporate M&A), Fernando Costal Carinhas (Head of Real Estate), Tiago Silva Abade (Head of Public Law and Privacy), Bernardo Xavier Cid (Manager, Public Law and Privacy) and Levi França Machado (Head of Labor Law) and other specialists across key practice areas.
The Darrois team included Bertrand Cardi, Forrest Alogna, and Laurent Gautier (partners), along with Paul Bertrand, Florian Benard, Youssef Driouich, Michinari Matsumoto, and Alexis de Mailly Nesle, advising on corporate and M&A matters. Vincent Agulhon (partner) and Bryan Costa handled tax matters; Guillaume Aubron (partner), Amel Krideche, and Emma Jubault advised on competition law; while Henri Savoie (partner) and Guillaume Griffart (counsel) focused on regulatory issues.
On the seller’s side, Lone Star Funds was advised by DLA Piper Portugal, working alongside U.S. law firm Weil, Gotshal & Manges, whose legal team was led by private equity partner Max Oppenheimer. The DLA Piper team was led by managing partner Nuno Azevedo Neves, supported by partners Vanessa Antunes and Mariana Ricardo, senior associates Ana Isabel Vieira, Sofia de Oliveira Moiteiro, Ricardo Violante, Bruno Soares Ferreira and associates Sara de Faria Moreira and Gustavo de Almeida Neves.
The in-house legal team at Novo Banco that assisted the deal included general counsel Patrícia Fonseca, alongside Pedro Boullosa Gonzalez, Alexandra Gaspar, Rui Tabarra e Castro, Luísa Machado de Castro, Luís Falcão Ramos, Luísa Charneca e Carla Azevedo Costa.