novobanco Acquired by BPCE | Financial Services M&A Deal

BPCE has completed the acquisition of novobanco, a banking business in Portugal, for $6.7 billion. BPCE acquires novobanco to expand retail banking in Portugal, adding a fourth-largest bank with about 9% market share and roughly 8,000 employees across the country. Novobanco provides financing to Portuguese households, corporates, and institutional clients, strengthening BPCE’s position in Lisbon and Portugal’s banking market. The strategic acquisition is a financial services M&A transaction and one of the largest cross-border banking acquisition deals in the Eurozone in over a decade, with BPCE as a strategic buyer executing its European strategy and Vision 2030 integration plan.