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BPCE Agrees to Acquire Novo Banco in $7.4bn Deal
June 16, 2025
France’s BPCE has shown interest to acquire Portugal’s Novo Banco for €6.4bn ($7.4bn) in cash, potentially making it one of Europe’s largest cross-border banking deals in recent years. A 75% majority stake is currently held by US Private Equity firm Lone Star, whereas the Portuguese State and a state-financed banking resolution fund hold the remaining 25%. Although BPCE already has a small consumer credit operation in Portugal, analysts note that this acquisition would expand BPCE’s retail footprint beyond France, as Novo Banco has almost 300 bank branches and 4,200 employees. It also aligns with the ECB’s push for deeper European banking consolidation to better integrate the financial sector and counter growing competition from U.S. banking giants.
BPCE’s 5.203% dollar bonds due 2027 traded stable at 101.1, yielding 4.47%.
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