French banking group BPCE is taking the lead to buy Novo Banco, offering a higher bid than Spain’s CaixaBank. Alongside this, BPCE plans to boost jobs at its Natixis shared services center in Porto, where it currently employs around 2,500 people. The company aims to add several hundred new positions, signaling a clear commitment to Portugal.
Unlike other bidders, BPCE won’t cut jobs if the deal goes through, since it doesn’t operate retail banking in Portugal. That’s a big contrast to potential layoffs expected if CaixaBank or others win, especially given government resistance to supporting unemployment costs linked to such cuts.
BPCE, the second-largest banking group in France and owner of Natixis, is strengthening its footprint here — a move that comes as the Lone Star fund, which controls most of Novo Banco, edges closer to a sale decision.
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