The French Bpce indicators to amass 75% of the Portuguese Novo Banco | EUROtoday

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The streets of European financial institution consolidation are nearly all obstructed however one thing strikes. The French banking group BPCE signed a memorandum of Intesa to amass 75% of Novo Banco, the fourth financial institution of Portugal, from the personal Equiy Lone Star fund. This was introduced by Banques Populaires et des Caisses d’EPARGNE in a be aware. The operation has a worth of 6.4 billion euros for 100% of the Novo Banco shares, equal to 9 instances the annual earnings of the institute, and represents “the largest cross bord operation in the Eurozone for over 10 years”. With the acquisition, Portugal will turn into the second Retail marketplace for COPD, the French holding on the pinnacle of the asset administration Natixis. Novo Banco, experiences the be aware, has a market share of 9% between particular person prospects and 14% in company prospects. The Institute has 4200 staff and operates with 290 branches.

Negotiations with the Government

The French Institute is in negotiations with the Portuguese authorities and with the Portuguese financial institution decision fund for the acquisition of their respective shares of 11.5% and 13.5% on the premise of the identical financial situations. BPCE additionally intends to start out the required consultations with the unions to get to the signing of the acquisition contract. The forecast is to finish the operation by mid -2026.