BPCE Finalizes Landmark Cross Border Deal to Integrate Novobanco into Its European Banking Network

BPCE Finalizes Landmark Cross Border Deal to Integrate Novobanco into Its European Banking Network

(IN BRIEF) BPCE has completed the acquisition of novobanco, becoming its sole shareholder in a €6.7 billion deal that marks the largest cross-border banking transaction in the Eurozone in over a decade. The acquisition strengthens BPCE’s European expansion strategy and establishes Portugal as its second key domestic market for retail banking. Novobanco, the fourth-largest bank in Portugal, brings a strong customer base, solid financial performance, and a significant role in supporting the Portuguese economy. The integration is expected to enhance capabilities in both retail and corporate banking, while also accelerating digital transformation and supporting sustainable finance initiatives. With a strengthened presence in Portugal and increased workforce, BPCE aims to create long-term value and deepen its support for economic growth in the region.

(PRESS RELEASE) PARIS, 30-Apr-2026 — /EuropaWire/ — Groupe BPCE has completed the acquisition of 100% of the share capital of novobanco, marking a major step forward in its European expansion strategy. The transaction, concluded with the Portuguese State, the Resolution Fund, and Lone Star Funds, positions Portugal as BPCE’s second core domestic market for retail banking activities.

The final purchase price, determined under previously agreed terms, amounts to €6.7 billion as of April 30, 2026, reflecting an increase from €6.5 billion at the end of 2025 due to growth in novobanco’s equity. This deal represents the largest cross-border banking acquisition in the Eurozone in more than a decade and forms a central pillar of BPCE’s Vision 2030 strategy aimed at strengthening its presence across Europe and diversifying its business model.

Through this acquisition, BPCE enhances its exposure to the Portuguese market, which is characterised by solid economic fundamentals and growth potential. The transaction also contributes to diversifying the Group’s financial profile, notably by increasing its share of variable-rate lending. As the sole shareholder, BPCE intends to work closely with novobanco’s management and employees to support the bank’s long-term development and expand its capacity to finance the Portuguese economy.

BPCE has already established a presence in Portugal through operations such as Banco Primus and Oney, as well as a multi-business hub in Porto. With the addition of novobanco, the Group significantly strengthens its footprint, bringing its workforce in the country to nearly 8,000 employees and reinforcing its ambition to play a leading role in supporting both domestic and cross-border economic activity, particularly between France and Portugal.

Novobanco, currently the fourth-largest bank in Portugal, maintains a strong position in the national banking sector, with a 9% overall market share and a higher share among corporate clients. The bank serves approximately 1.7 million customers through a network of around 300 branches and employs over 4,000 staff. Its portfolio includes substantial lending activity across corporate, mortgage, and personal finance segments.

Following a multi-year transformation, novobanco has emerged as one of the more profitable banking institutions in Europe, reporting net banking income of €1.6 billion and net profit of €828 million in 2025. Its financial position is supported by solid liquidity and capital levels, providing a strong foundation for future growth under BPCE ownership.

The integration of novobanco into BPCE is expected to create synergies across both retail and corporate banking. For small and medium-sized enterprises, the combined expertise of both institutions aims to support businesses throughout their lifecycle, from early-stage development to expansion and succession planning. Larger corporate and institutional clients are expected to benefit from enhanced access to international capital markets and broader financial solutions.

On the retail side, BPCE plans to contribute its capabilities in savings products, lending, insurance, and private banking, while also accelerating novobanco’s digital transformation to enhance customer experience. The Group also intends to increase its support for financing the environmental transition across both household and corporate segments.

In terms of governance, novobanco will continue to operate as a locally managed institution, maintaining its strong roots in the Portuguese market while aligning with BPCE’s strategic framework. Mark Bourke will remain Chief Executive Officer, reporting to BPCE’s senior leadership, while new representatives from BPCE will join the Supervisory Board as part of the updated ownership structure.

BPCE Chief Executive Officer Nicolas Namias described the acquisition as a significant milestone that reinforces the Group’s long-term commitment to Portugal and strengthens its position as a major European banking player. He emphasised the strategic alignment between BPCE and novobanco, particularly in their shared focus on customer relationships and support for the real economy.

Mark Bourke, CEO of novobanco, highlighted the opportunities created by joining a major European banking group, noting that the partnership will enhance the bank’s financial capacity and broaden the range of services it can offer to clients, while continuing to support Portugal’s economic development.

About BPCE
BPCE is the second-largest banking group in France and the fourth-largest banking group in the euro zone in terms of capitalization. Through its 100,000 staff, the group serves 36 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and
Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook), Moody’s (A2, stable outlook) and R&I (A+, stable outlook).

About novobanco

Novobanco is the 4th largest bank operating in the Portuguese market, with 1.7 million customers, assets of €48.1 billion and a 9.2% overall market share, as of March 2026. Its omnichannel customer relationship model offers a complete and convenient banking experience, including secure digital channels, complemented by an innovative and recent proximity distribution model, with around 300 branches and corporate centres covering the entire country. Novobanco values the training of its 4100 professionals and supports the community through social, cultural and financial inclusion programs. Its purpose is to contribute to Portugal’s economic growth, both for families and companies at all stages of their lives, in a sustainable and responsible way.

Media Contact: 

Christophe Gilbert
33(0)1 40 39 66 00 / 33(0)6 73 76 38 98
christophe.gilbert@bpce.fr – groupebpce.com

SOURCE: Groupe BPCE