Regulators Clear Novo Banco’s €262 M Buyout of Unibanco Consumer-Credit Unit

The Portuguese competition watchdog’s swift go-ahead for Novo Banco’s purchase of Unibanco’s consumer-credit arm removes the last major hurdle to a deal that will enlarge the lender’s retail footprint and reshape a buoyant segment of household finance. Regulators see no threat to fair play in the market, yet unions warn of job losses and smaller banks brace for a stronger rival.

Quick-fire facts at a glance

• €262 M loan book changing hands

• 15 % jump in Novo Banco’s consumer-credit portfolio expected once the assets are onboarded

• First-quarter 2026 set as closing window, pending routine formalities

• 50 % of roughly 100 employees to transfer, according to union estimates

• No objections from the Autoridade da Concorrência (AdC) after a two-month review

Why the green light matters

Portugal’s consumer-credit market is racing ahead—volumes grew 10 % last year and another 9 % in the first half of 2025. Against that backdrop, the AdC’s decision signals that even a sizeable bolt-on such as Unibanco’s 262 M-euro book does not, on its own, tilt the playing field. For everyday borrowers, the ruling should translate into continuity of service rather than dramatic product changes, at least in the near term.

What each side gains

For Novo Banco, still rebuilding its franchise after the collapse of Banco Espírito Santo a decade ago, the deal offers scale, a tried-and-tested credit-card platform and a fresh pool of customers ripe for cross-selling. Unicre, in turn, clears its balance-sheet of a capital-hungry business so it can double down on acquiring via the REDUNIQ network, where margins are more predictable and technology partnerships abundant.

The numbers behind the transaction

The purchase covers:

• Consumer-credit contracts covering personal loans, card balances and debt consolidation

• The Unibanco brand, Portugal’s oldest credit-card label, launched in 1984

• Associated IT systems, risk models and receivables

Bankers familiar with the term sheet say Novo Banco will fund the buyout entirely from existing capital buffers—its CET1 ratio stood at 16.8 % in mid-2025, well above regulatory minimums. No headline purchase price was published, but the book’s fair value was logged at €262 M as of June 2024.

Inside the regulator’s reasoning

Competition officials examined card issuance, personal loans and revolving credit separately. Their verdict: despite the 15 % bump for Novo Banco, the combined entity remains below the 25 % market share threshold in any sub-segment. The fact that heavyweight players such as CGD, Santander and BPI hold comparable or larger slices helped tip the scales toward approval. The AdC also noted the rise of fintech intermediaries, which now originate almost half of new consumer borrowing, as a sign of healthy rivalry.

Possible shifts in the market

Industry analysts expect three immediate consequences:

Pricing pressure on smaller lenders that leaned on Unibanco’s white-label card expertise.

Faster digital onboarding at Novo Banco, which inherits Unibanco’s fully online credit journey.

Portfolio sales by competitors eager to keep leverage ratios in check amid higher interest rates.

Over the medium term, the enlarged lender could bundle transaction accounts, insurance and consumer loans in a single app, mirroring models already popular in Spain and France.

Labour and customer questions

The three banking unions aligned with the UGT confederation say only about half of Unibanco’s 100 staff have seats guaranteed at Novo Banco; the rest face early retirement or negotiated exits. Management insists integration will be "socially responsible" and that customer helplines, interest rates and card terms remain unchanged at least until systems migration is complete—which insiders place toward the end of 2026.

The road ahead

Closing documents are slated for signature early next year, after which auditors will run purchase-price allocation and IT teams will begin stitching together core systems. In parallel, Unicre plans to unveil a refreshed REDUNIQ contactless platform, hoping that a laser-like focus on payments will offset the loss of consumer-credit revenues.

For households, the most visible change may well be a different logo on monthly statements. For Portugal’s financial sector, however, the transaction marks another step in a decade-long reshuffle that is gradually concentrating retail banking in the hands of fewer, but—AdC hopes—still vigorously competitive, players.