BPCE Buys Novo Banco For €6.7 Billion — Why The Portugal Deal Matters Now
France’s BPCE has completed its €6.7 billion acquisition of Novo Banco, taking full ownership from Lone Star Funds, the Portuguese state, and the Resolution Fund. The deal makes Portugal BPCE’s second domestic retail market. Portugal’s government received €1.673 billion for its 25% stake, marking its exit from Novo Banco, which was created in 2014 after Banco Espírito Santo’s collapse.