BPCE signs an agreement with the Portuguese State and Resolution Fund to become a 100% shareholder of novobanco

The signing of the agreement with the Portuguese State and the Portuguese Banks Resolution Fund took place at the Portuguese Ministry of Finance, in the presence of Joaquim Miranda Sarmento, Minister of State, Minister of Finance, Luís Máximo dos Santos, president of the Portuguese Banks Resolution Fund, and Nicolas Namias, CEO of BPCE.

Announced on June 13, 2025, this transaction is the largest cross-border banking acquisition in the euro zone in the last decade. It marks a new phase in Groupe BPCE's "Vision 2030" strategic plan, which aims to develop and diversify the group’s activities in France, Europe and around the world. Upon completion of the transaction, Portugal will become the group's second largest domestic retail market.

Novobanco, a solid player in Portugal with exemplary development in recent years

Novobanco, Portugal's fourth largest bank^[1], holds strong positions in the market with ca. 9% market share among individual customers and ca. 14% among companies. The bank serves 1.7 million individual customers and manages a corporate loan portfolio of €17 billion. With around 4,200 employees, novobanco operates through approximately 290 branches, complemented by a rich customer experience through its digital channels. In recent years, novobanco has become one of the most profitable banking institutions in Europe, with a cost/income ratio of less than 35% and a tangible return on equity (RoTE) above 20%.^[2]

BPCE, a long-term commitment in Portugal serving the Portuguese economy

BPCE currently employs more than 3,000 people in Portugal, mainly through a multi-business centre of expertise in Porto since 2017, illustrating the strength of its local roots.

By welcoming novobanco into the group alongside the Banque Populaire and Caisse d'Epargne networks, BPCE will strengthen its position as a key partner in the development of the Portuguese economy, which is recognized for its solid foundations and resilience. Through this transaction, BPCE aims to facilitate the financing of local companies as well as individual projects, while expanding the range of services offered to Portuguese customers. BPCE will also leverage its expertise to provide more value to its clients and the Portuguese economy.

Timing of the operation

The project is expected to be completed in the first half of 2026.

Joaquim Miranda Sarmento, Minister of State, Minister of Finance said : 
“Today, with the sale to Groupe BPCE, France's second-largest bank and one of the largest in Europe, we close this chapter with the conviction that Portugal is taking another important step in its history, demonstrating credibility, resilience, and confidence in the portuguese economy and financial system.”

Nicolas Namias, CEO of BPCE, said: 
“Today, we are taking a very important step in our development strategy in Europe, with the planned acquisition of the stakes held by the Portuguese State and the Portuguese Banks Resolution Fund in the capital of novobanco. I would like to thank the Portuguese authorities for the quality of the discussions we have had together, marked by trust and mutual respect. By becoming the sole shareholder of novobanco, we reaffirm our ambition to foster its growth and enhance its service offerings for individuals and businesses in Portugal. This transaction demonstrates our full commitment to financing the Portuguese economy. This initiative is part of our strategic plan, 'Vision 2030', underlining our determination to be a key player in the European banking landscape. We look forward to welcoming novobanco's teams to Groupe BPCE: together, we will now count more than 7,000 employees in Portugal.”

^[1] Ranking by equity, amounting to €73 billion for BPCE.
^[2] Estimated consideration as of December 2025.
^[3]  Ranking by balance sheet size at the end of 2024.
^[4] In the first half of 2025.