Paris, France — April 30, 2026 — BPCE Group has completed its acquisition of 100% of the share capital of novobanco, marking one of the largest cross-border banking transactions in the Eurozone in more than a decade and significantly expanding the French banking group’s presence in Portugal.
The acquisition was completed through agreements with the Portuguese State, the Resolution Fund, and private equity firm Lone Star Funds. Portugal now becomes BPCE’s second domestic retail banking market after France.
Under the agreed purchase mechanism established in 2025, the final acquisition price as of December 31, 2025, was set at €6.5 billion. Following an increase in novobanco’s equity during the first four months of 2026, the total acquisition price rose to €6.7 billion as of April 30, 2026.
The deal forms part of BPCE’s broader Vision 2030 strategy aimed at expanding and diversifying its operations across Europe and international markets.
The banking group said the acquisition strengthens its exposure to the Portuguese economy while also diversifying its lending profile through a higher share of variable-rate loans.
BPCE, already present in Portugal through Banco Primus, Oney and its operations centre in Porto, said the addition of novobanco would increase its local workforce to nearly 8,000 employees and deepen its role in financing the Portuguese economy.
Founded as a key player in Portugal’s banking sector, novobanco currently serves around 1.7 million customers through approximately 300 branches and employs about 4,100 people. The bank holds €18.2 billion in corporate loans, €11.1 billion in mortgages and €2.7 billion in personal loans.
BPCE said novobanco had completed a multi-year transformation programme and now ranks among Europe’s stronger-performing banks, reporting €1.6 billion in net banking income and a net profit of €828 million in 2025.
As part of the new ownership structure, novobanco will continue operating as a locally managed institution in Portugal. Three new members proposed by BPCE will join the bank’s Supervisory Board, replacing previous representatives from Lone Star Funds.
Mark Bourke will remain Chief Executive Officer of novobanco and report to Jacques Beyssade, Secretary General and member of BPCE’s Senior Management Committee.
Meanwhile, Olivier Delay, previously CEO of Natixis CIB Americas, will lead the operational implementation of the integration plan.
Commenting on the acquisition, Nicolas Namias, CEO of BPCE, said:
“We are happy and proud to welcome novobanco into BPCE and to strengthen our long-term commitment to Portugal. Following the acquisition of BPCE Equipment Solutions in 2025, we are demonstrating our ability to carry out major external growth transactions that strengthen our presence in Europe, in line with our Vision 2030 strategic project.”
He added:
“Our ambition is to support novobanco’s development by mobilizing all BPCE’s expertise to serve its clients. Together, we will deepen our support for the Portuguese economy, recognized for its dynamism, and create sustainable value for our customers, our employees and our cooperative shareholders.”
Mark Bourke, CEO of novobanco, said:
“Becoming part of BPCE is the beginning of an important new chapter for novobanco, allowing us to build on our strategy and further enhance our role in financing the Portuguese economy.”
“With the backing of a leading European banking group, we will strengthen our financial capacity and expand the expertise we can bring to our clients, across both retail and corporate banking.”
Source: Groupe BPCE