Lisbon, April 29, 2026 (Lusa) – The Lone Star fund and the Portuguese state will complete the sale of Novo Banco to the French banking group Banque Populaire et Caisse d'Epargne (BPCE) this Thursday.
Novo Banco (created in August 2014 following the winding-up of defunct BES bank) is 75% owned by the North American investment fund Lone Star and 25% by the Portuguese state through the Bank Resolution Fund and the Directorate-General for Treasury and Finance.
The parties agreed to the sale to BPCE in June last year. Since then, the process has followed standard procedures, including regulatory approval. Finance Minister Joaquim Miranda Sarmento announced last week that the sale would conclude this week, though he did not specify a date. Formal completion will take place this Thursday without a public ceremony, according to information gathered by Lusa.
The market expects several statements regarding details of the deal on that day. Industry sources told Lusa that the sale price will exceed the €6.4 billion announced in June 2025. This price adjustment relates to factors such as improved assets, (Novo Banco reported profits of €828 million in 2025), and reduced liabilities, following the Constitutional Court's decision last year to annul the additional bank tax and refund payments.
Under the original €6.4 billion valuation, Lone Star would receive €4.8 billion and the Portuguese state €1.6 billion. Both shareholders will now receive higher amounts. In the case of Lone Star, the amount to be received (plus dividends already collected) represents a significant capital gain compared to the €1 billion injected into the bank upon its purchase in 2017.
The proceeds from the sale and paid dividends limit the amount spent on the resolution of BES for the Portuguese state. The process has so far cost public coffers around €8 billion, according to calculations by Lusa. This figure stems primarily from the initial capitalisation of Novo Banco and the recapitalisations carried out by the Resolution Fund.
The ministry of Finance said last October that the sale of State and Resolution Fund stakes in Novo Banco, combined with dividend distributions, "allows the public sector to recover almost €2 billion of the funds injected into the institution."
BPCE is one of France's leading banking groups. It operates in Portugal in consumer credit and investment banking, owning the Natixis technological centre in Porto with 2,500 employees, but this acquisition marks its entry into Portuguese retail banking.
When the parties announced the purchase agreement last year, BPCE Chairperson Nicolas Namier met with more than 4,000 Novo Banco employees. During the meeting, he said that the group's investment in Portugal is long-term.
IM/RYOL // AYLS
Lusa
