Lone Star Announces Sale of novobanco to BPCE
LUXEMBOURG & DALLAS & NEW YORK & LONDON & TOKYO--(BUSINESS WIRE)--Nani Holdings S.à. r.l., an affiliate of Lone Star Funds ('Lone Star'), today announced that it has signed a Memorandum of Understanding for the sale of Novo Banco, S.A. ('novobanco' or 'the bank'), Portugal's fourth-largest bank, to BPCE, a leading European banking institution, for a cash consideration payable at closing which values 100% of the share capital at an estimated €6.4 billion as of end 2025.
This transaction marks the culmination of a multi-year transformation of novobanco since Lone Star acquired 75% of the bank in 2017. Under Lone Star's stewardship, in cooperation with other shareholders, novobanco has undergone a comprehensive turn-around, establishing itself as one of the most profitable banks in Europe, with a target return on tangible equity (RoTE) exceeding 20%.
The bank has significantly de-risked its balance sheet, reducing non-performing loans to de minimis levels, and has made substantial investments in digital transformation and customer experience. Throughout this period, novobanco has strengthened its role as a trusted partner for Portuguese households and successfully positioned itself as a preferred bank for SMEs across Portugal.
Long-Term Commitment to Portugal and novobanco
BPCE's acquisition of novobanco underscores its full confidence in the Portuguese banking system and the resilience of its economy. With €73bn in equity, a CET1 ratio of 16.2% and over 35 million clients globally, BPCE brings the strength and stability of a major European cooperative banking group to novobanco.
This acquisition reflects BPCE's commitment to fostering long-term growth and enhancing its presence in Portugal through several key principles:
Commitment to the Portuguese economy: With a longstanding commitment to Portugal, BPCE aims to build on its foundation to further support the growth of novobanco.
Strong Complementarities: BPCE seeks to drive novobanco's expansion by leveraging novobanco's extensive customer base and BPCE's diverse expertise to offer a wider range of value-added services.
Vision for Sustainable Growth
BPCE will support novobanco's growth into a leading financial institution in Portugal, serving individuals, SMEs and large corporates across the country.
Under the stewardship of Lone Star, novobanco has transformed into one of Portugal's leading banks, achieving consistent financial performance and growing its customer base through innovation across both retail and commercial banking.
Donald Quintin, Chief Executive Officer of Lone Star commented:
'We are proud to have supported novobanco's transformation to become one of Europe's leading and most profitable financial institutions. The bank has undergone a comprehensive transformation over the last eight years, becoming a trusted partner for Portuguese households and businesses across the country. BPCE shares our ambition for novobanco and is well positioned to take the bank forward as it continues to deliver for customers, SMEs and the Portuguese economy as a whole.'
Nicolas Namias, Chief Executive Officer of BPCE, stated:
'Novobanco possesses excellent fundamentals, strong growth potential and an already high level of profitability. For its part, BPCE is a major banking player in France notably thanks to the Banque Populaire and Caisse d'Epargne banking networks.
With the acquisition of novobanco, BPCE would become a retail banking player in Europe and would actively participate in financing the Portuguese economy. The projected transaction marks a key stage in the execution of its 'Vision 2030' strategic plan, announced close to a year ago.
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."
Kambiz Nourbakhsh, Senior Managing Director at Lone Star Funds, added:
'This agreement marks a defining moment in the transformation of novobanco and is a testament to the extraordinary efforts of its leadership and employees over the last eight years. In BPCE, we have found a new owner for novobanco that has the experience and vision to build on its strong foundations and support the bank as it delivers on its long-term growth strategy.'
Transaction Details
Lone Star has agreed to sell its shares in novobanco to BPCE for a cash consideration payable at closing which values 100% of the share capital at an estimated €6.4 billion as of end 2025.
The proposed acquisition is subject to 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.
About Lone Star Funds
Lone Star is a leading private equity firm advising funds that invest globally in corporate equity, credit, real estate and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion. The firm organizes its funds in three series: the Opportunity Fund series; the Commercial Real Estate Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.
About 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).
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