Bpce: BPCE signs a Memorandum of Understanding to acquire novobanco, Portugal's fourth-largest bank
Paris, 06 13 2025
Groupe BPCE, the second-largest bank in France1 and the fourth-largest in Europe2, has signed a Memorandum of Understanding for the acquisition of a 75% equity interest in novobanco from the private equity firm Lone Star Funds. The transaction, representing a cash amount of approximately3 €6.4bn (for 100% of the shares) and a multiple of around 9x annual earnings, is the biggest cross-border acquisition in the euro zone for more than 10 years.
Following the creation of BPCE Equipment Solutions at the start of the year, this project marks a new key stage in the execution of the 'Vision 2030' strategic plan, geared to developing and diversifying BPCE in France, Europe and the wider world. On completion of the transaction, Portugal would become the Group's second-largest domestic retail market.
Novobanco, a solid player in Portugal demonstrating exemplary growth in recent years
Novobanco, Portugal's fourth-largest bank4, has built up a solid franchise and holds market shares of c.9% with individual customers and c.14% with corporate clients. It has 1.7 million individual customers and manages a €17bn corporate loan book. With its 4,200 employees, novobanco operates through some 290 branches and an extensive network of external partners, while also offering a rich customer experience through its digital channels.
In recent years, novobanco has become one of the most profitable banks in Europe, posting a cost-income ratio under 35% and a return on tangible equity (RoTE) exceeding 20%5. These results have been underpinned by the quality of novobanco's teams, together with the engagement of its shareholders for the last eight years.
BPCE, lasting engagement in Portugal, focused on financing the economy
BPCE currently employs over 3,000 staff in Portugal, a figure testifying to its lasting engagement with the country. Since 2017, the opening of a multi-business center of expertise in Porto has deepened its local ties.
By welcoming novobanco 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. BPCE will leverage all of its expertise to strengthen value creation in close collaboration with novobanco.
Execution of the 'Vision 2030' strategic plan
The acquisition of novobanco would help diversify BPCE in two respects: geographically, via access to a dynamic economy, and in balance sheet terms, by increasing the proportion of variable rate loans on its balance sheet, thus improving its revenue profile. The acquisition would be a growth driver for the whole Group. It is perfectly consistent with BPCE's 'Vision 2030' strategy, underlining the Group's determination to expand in France, Europe and the wider world through strategic investments that create lasting value. The transaction marks a new key stage in the Group's European-scale growth, following the creation of BPCE Equipment Solutions in February 2025 and the ongoing project to create the leading European asset manager in partnership with Generali. On completion of the transaction, Groupe BPCE's CET1 ratio would remain above 15%.
Timing of the transaction
BPCE is engaging in discussions with the Portuguese government and the Portuguese Banking Resolution Fund with a view to acquiring their equity interests in novobanco (11.5% and 13.5%, respectively), on identical terms.
BPCE will proceed with the necessary consultations with employee representative bodies in order to sign the acquisition contract. The project is projected for completion in the first half of 2026.
For Nicolas Namias, CEO of BPCE
'BPCE is pleased to announce today the project to acquire novobanco in Portugal. Holding market shares of c.9% with individual customers and c.14% with corporate clients, novobanco possesses excellent fundamentals, strong growth potential and an already high level of profitability. Major player in local banking in France thanks to the Banque Populaire and Caisse d'Epargne banking networks, BPCE would become a retail banking player in Europe with the acquisition of novobanco and would actively participate in financing the Portuguese economy.
A few months after the creation of BPCE Equipment Solutions, the projected transaction marks a new key stage in the execution of our Vision 2030 strategic plan, announced close to a year ago.
The financial terms of the transaction reflect a disciplined and stringent valuation approach, as well as our confidence in novobanco's ability to create value over time.
BPCE's executive managers and employees are all particularly enthusiastic about the prospect of welcoming novobanco, its management and its 4,200 employees, in order to write a new chapter of growth, innovation and performance in Europe together'.
About Groupe BPCE
Groupe BPCE is the second-largest banking group in France and the fourth-largest in the euro zone in terms of capital. Through its 100,000 staff, the group serves 35 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: Moody's (A1, stable outlook), Standard & Poor's (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).
Press contact Groupe BPCEChristophe Gilbert : 33(0)1 40 39 66 00 / 33(0)6 73 76 38 98christophe.gilbert@bpce.fr - groupebpce.com
1 Ranking based on market share of outstanding loans for all non-financial customer segments (Banque de France 3Q24)2 Ranking in terms of capital (€73bn for BPCE) 3 Estimated consideration as of December 2025 4 Ranking in terms of balance-sheet size at end-20245 In first-quarter 2025
Attachment
20250613_PR_BPCE_novobanco_GB
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
National Geographic
22 minutes ago
- National Geographic
Inside the Paris restaurant where the chefs are fighting for feminism
This article was produced by National Geographic Traveller (UK). Manon Fleury approaches being a chef the same way she does fencing. 'Gastronomy is often presented as a job in which you compete against others — but in reality, it's not at all,' says Fleury, who, prior to opening her Paris restaurant Datil, was a member of the French fencing team. Demanding schedules, adrenaline and the ultimate satisfaction that comes with success can be found in both disciplines. But it's teamwork that's important above all else. 'What I advocate for at Datil is helping one another, kindness and respect — values that can also be found in sports — while going above and beyond, a requirement in upscale gastronomy.' Building a healthy work environment was one of the main concerns when Datil opened in 2023. Although the kitchen follows a hierarchy for practical reasons, Datil has five co-chefs — all women — with Fleury and Laurène Barjhoux acting as the kitchen's main leads. The aim has always been to strive towards a flatter structure and away from the traditional pyramid of titles and responsibilities. 'Our goal was for people to feel good when they come into work at Datil, which hasn't been the case in a lot of restaurants,' Fleury says. Stress and the pressure to succeed come with the job, but forms of humiliation and harassment over culinary missteps are also commonplace in the industry, she adds. In 2021, Fleury co-founded Bondir.e, an organisation that works to prevent violence in professional kitchens. It's also no coincidence she chose to build an almost exclusively female team at Datil. 'There are a lot of women interested in this line of work who lose confidence at a certain point, who tell themselves it isn't possible to work in this field. I wanted to show that it is,' she says. 'Our goal was for people to feel good when they come into work at Datil, which hasn't been the case in a lot of restaurants,' Fleury says. Photograph by Pauline Gouablin The chef got her first taste of gastronomy growing up in Burgundy with her two older brothers and parents, when she would spend summers with her grandmother, who owned orchards. 'I remember the smell of ripe fruit on tarpaulins, under the trees,' Fleury says. 'Apples, pears, quinces, mirabelle plums and blackberries were abundant, along with nuts, once summer had turned to autumn,' she adds. When Fleury entered Ferrandi Paris hospitality school, she often heard she would have to choose between her career and personal life. 'It's not a job women were encouraged to do, yet they did it at home,' she says. Despite this, she joined Alexandre Couillon's team at La Marine restaurant in Noirmoutiers and Pascal Barbot's L'Astrance, back in Paris. Later, Fleury headed to New York, where she worked at Dan Barber's farm-to-table restaurant Blue Hill at Stone Barns. But it wasn't until the age of 27, when she became a chef at Le Mermoz in Paris, that critics and culinary connoisseurs began to see her as a star chef in the making. It was also there that she developed a style in which vegetables took centre stage. When she was growing up, Fleury's parents would pick up seasonal produce at markets and prioritised cooking with organic ingredients. This is reflected on the menu at Datil, which features produce sourced exclusively in France from independent suppliers. Not only does this help limit the restaurant's carbon footprint, it also creates direct rapport and an ongoing collaboration with farmers, seaweed harvesters and animal breeders. Citrus fruits are mainly sourced through a fourth-generation nursery grower in Occitanie who focuses on agroecology. Fleury also works with several vegetable farmers, including one based in Île-de-France, who uses self-irrigation powered by rainwater. The fish largely comes from a Pays de la Loire-based fisherman who uses handmade traps to catch crab, lobster and shrimp. These collaborations are at the core of Datil's approach. 'The gastronomy we offer wouldn't be the same if we didn't know where our produce was coming from,' Fleury says. 'These are our raw materials and the relationship of trust we have with the people we work with is truly enriching.' 'There are a lot of women interested in this line of work who lose confidence at a certain point, who tell themselves it isn't possible to work in this field. I wanted to show that it is,' Manon says. Photograph by Pauline Gouablin The menu at Datil features produce sourced exclusively in France from independent suppliers. Photograph by Pauline Gouablin Fleury sees Datil as the culmination of all her previous experiences. The restaurant's name is a reference to a type of plum, a fruit with which she has had an affinity since her youth and was a core ingredient in one of her grandmother's signature tarts. There are other nods to childhood on the menu. One playful dessert is served in a lemon, cut open to reveal lemon sorbet blended with Jerusalem artichokes. A madeleine, meanwhile, is another tribute to Fleury's grandmother. Diners are invited to use their hands or spoon, like they might at home, highlighting the chef's desire to find comfort in the physicality of food. Last winter, the team created a dish centred around poularde (a type of chicken) raised in the French department of Sarthe for 120 days. It was complemented with endives, balancing out the fattiness of the poultry with something bitter. 'We sought out this seasonal vegetable to layer underneath, which also came about from our thinking process concerning the balancing of flavours,' says Fleury. French peanuts, apples and a lemon condiment are layered within the endive before it's caramelised and candied. Fleury highlights the importance of giving meaning to each step at Datil — from building an environment in which chefs and employees can thrive to upholding an environmentally conscious approach. 'There needs to be meaning in what we do,' she says. 'It's not just about food. We are part of a very elitist side of gastronomy that may be criticised for its [lack of] usefulness,' she says. 'We have a role to play when it comes to sustainability.' Shortly after Datil received a Michelin star in March 2024, news of Fleury's almost entirely female team of chefs became the subject of debate. She remembers hearing accusations of discrimination against men. 'I didn't expect it to be so surprising to have a team centring mainly on women in 2024,' she says, noting that there are in fact some men on her team at the restaurant. '[Having a female-led kitchen] is a commitment that's needed in order for progress to be made, because this field is still very male-dominated,' Fleury says. She'd like to see more women represented in gastronomy — not solely by awarding them Michelin stars, but also by them starting their own projects and daring to be ambitious. Because, she says, 'today, it's still not very well regarded to be an ambitious woman'. Published in Issue 28 (summer 2025) of Food by National Geographic Traveller (UK). To subscribe to National Geographic Traveller (UK) magazine click here. (Available in select countries only).
USA Today
an hour ago
- USA Today
Trump trade deal with EU leaves Europe relieved − and worried
The Europe trade deal will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than Europeans hoped for. BRUSSELS − European governments and companies reacted with both relief and concern on Monday to the framework trade deal struck with President Donald Trump, acknowledging what was seen as an unbalanced deal but one that avoided a deeper trade war. The agreement, announced on July 27 between two economies that account for almost a third of global trade, will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than what Europeans hoped for. Many of the specifics of the deal were not immediately known, however. More: Trump and EU reach trade deal ahead of looming deadline "As we await full details of the new EU–U.S. trade agreement, one thing is clear: this is a moment of relief but not of celebration," Belgian Prime Minister Bart De Wever wrote on X. "Tariffs will increase in several areas and some key questions remain unresolved." Trump said the deal, including an investment pledge topping the $550 billion deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of U.S. exporters. It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15% baseline tariff, while an improvement on the threatened rate of 30%, compares to an average U.S. import tariff rate of around 2.5% last year before Trump's return to the White House. More: Trump considers 'rebates' to US taxpayers from tariff income European Commission chief Von der Leyen, describing Trump as a tough negotiator, told reporters on July 27 that it was "the best we could get." European stocks opened up on July 28, with the STOXX 600 at a four-month high and all other major bourses also in the green. Tech and healthcare stocks led the way. More: TACO or tariffs? Trump's big trade deadline is coming. Here's what to expect "The 15% rate is better than the market was fearing," said Jefferies economist Mohit Kumar. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. Not the end of the story French government ministers said on July 28 that the deal had some merits − such as exemptions they hoped to see for some key French business sectors such as spirits − but was nevertheless not balanced. Industry minister Marc Ferracci stressed more talks - potentially lasting weeks or months - would be needed before the deal could be formally concluded. "This is not the end of the story," he told RTL radio. European companies, meanwhile, were left wondering whether to cheer or lament the accord. "Those who expect a hurricane are grateful for a storm," said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. U.S. customers are paying the tariffs," he said. Stellantis shares were up 3.5% and car parts maker Valeo jumped 4.7% while German pharma group Merck KGaA rose 2.9%, in a sign of relief for those sectors. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the U.S. and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make $750 billion in strategic purchases over the next three years, including oil, liquefied natural gas (LNG) and nuclear fuel, the U.S. will struggle to produce enough to meet that demand. While U.S. LNG production capacity is due to almost double over the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast this year. Despite the lingering unknowns, analysts stressed the deal still helped decrease uncertainty. Oil prices rose on Monday, as did the euro. "Now that there is more clarity, you would think that not only in the United States, but around the globe, there will be a little bit more willingness to look at investment, to look at expansions, and to look at where the opportunities are," said Rodrigo Catril, senior currency strategist at National Australia Bank.
Yahoo
6 hours ago
- Yahoo
Kepler Capital Maintained a Buy Rating on Genfit (GNFT)
Genfit S.A. (NASDAQ:GNFT) is one of the . On July 8, Justine Telliez from Kepler Capital maintained a Buy rating on Genfit S.A. (NASDAQ:GNFT) with a price target of €8.40. The rating comes after the company released its mid-year update on its liquidity contract with Credit Industriel et Commercial. The company noted that as of June 30, 2025, there were 201,000 shares in the liquidity account along with €398,484.67 in cash in liquidity. Moreover, the company also released details about its trading activity, which shows 1,412,901 shares were bought, 1,419,301 shares were sold, with the number of buy and sell trades standing at 2,673 and 1,894, respectively. A biotechnologist in a laboratory wearing a lab coat, preparing samples for a clinical trial. Genfit S.A. (NASDAQ:GNFT) is a French biopharmaceutical company that develops treatments and diagnostic tools for rare and serious liver diseases. While we acknowledge the potential of GNFT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
