BPCE Accelerates Cross-Border Expansion With 75% Stake Acquisition In Novo Banco

French financial powerhouse BPCE has embarked on a bold expansion strategy by acquiring a 75% stake in Portugal’s Novo Banco from US private equity firm Lone Star. Valued at €6.4 billion, this transaction stands as one of Europe’s largest banking deals in recent years, underscoring a broader trend of consolidation within the sector.

Strategic Investment Drives Market Diversification

Set to conclude in the first half of 2026 pending regulatory and shareholder approvals, this acquisition reinforces BPCE’s capability to serve Portuguese families and businesses, while solidifying its influence in the national economy. Novo Banco’s CEO, Mark Bourke, stated in a regulatory filing that the transaction is designed to secure a long-term future built on strength, trust, and shared ambition.

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Legacy of Transformation and Resilience

Originally established in 2014 by the Portuguese central bank as the ‘good bank’ following the collapse of Banco Espírito Santo, Novo Banco has navigated significant financial challenges. In 2017, after prolonged privatization efforts by the Portuguese government, Lone Star acquired a 75% stake by injecting €1 billion in capital. Despite facing legacy losses from non-performing loans, Novo Banco reported its first profits in 2021, marking a pivotal turnaround in its financial performance.

Future Growth and Full Ownership Prospects

BPCE has already opened discussions with Portuguese authorities regarding the potential acquisition of the remaining 25% stake held by the state and the resolution fund. This move not only signifies BPCE’s commitment to diversifying its geographic footprint but also positions it to take full control of a major retail banking market, while increasing its exposure to variable rate loans—a common feature in Portugal’s financial landscape.

Industry Consolidation and Cross-Border Expansion

This acquisition is part of an ongoing wave of cross-border banking mergers. Since the muted merger activity following the 2008 financial crisis, leading institutions such as UniCredit, BBVA, and Italy’s MPS have pursued aggressive expansion strategies. Meanwhile, governments are gradually reducing their involvement in nationalized banks, thereby facilitating more dynamic private ownership structures. In parallel, Spain’s BBVA is currently engaged in a high-stakes battle with Banco Sabadell, echoing the transformative forces reshaping the European financial sector.

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Cyprus Expects More French Visitors In 2027 As Air Capacity Expands

by THEFUTURE.TEAM

September 18, 2026

Cyprus expects more French visitors in 2027 as airlines increase capacity between the two countries, Tourism Deputy Minister Kostas Koumis said after meetings with tour operators in Paris.

France, one of Cyprus’ key tourism markets, has had a difficult 2026. French arrivals fell 46% year over year to 8,453 in August, from 15,663 a year earlier, according to the Statistical Service of Cyprus (Cystat). August arrivals were also nearly 50% below the 16,798 recorded in the same month of 2024.

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Overall, Cyprus received 2.82 million tourist arrivals between January and August, down 7% from the same period in 2025.

Air Connectivity Supports 2027 Outlook

Koumis discussed the 2027 outlook with senior executives from tour operators offering Cyprus holidays during the IFTM Top Resa travel trade fair in Paris.

Higher air capacity between France and Cyprus was a key focus of the talks. Participants also discussed the impact of geopolitical tensions in the Middle East on the French market and Cyprus’ efforts to adapt its tourism offering to French travelers.

“The French market is undoubtedly an extremely important market for our country’s tourism,” Koumis said, adding that France had regained importance only a few years ago and still had room to grow.

Improved air connectivity will be an important factor in that expansion, according to Koumis. “It is now clear that air connectivity between France and Cyprus is improving significantly, which is a basic prerequisite for the further growth of the market,” he said.

Cyprus Promotes Tourism And Regional Cooperation

Koumis attended the opening of IFTM Top Resa at the invitation of French Tourism Minister Serge Papin, who later visited the Cyprus stand. Held from Sept. 15 to 17 at Paris Porte de Versailles, the event brought together more than 32,000 tourism professionals representing 177 destinations and 1,650 brands, according to organizers.

During his visit, Koumis also met Egyptian Tourism Minister Sherif Fathy. Cyprus and Egypt reaffirmed their tourism cooperation and discussed opportunities to strengthen ties further.

French media interviews covered Cyprus’ tourism offering, infrastructure and services, along with efforts to develop specialized tourism products. Regional instability weighed on arrivals in 2026, particularly during the spring, although the decline narrowed over the summer.

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