The Board of Directors of the Competition Authority (AdC) decided not to oppose the purchase of the Unibanco business unit by Novo Banco, arguing that it should not create obstacles to competition in the national market.
In a publication made on its portal, the AdC states that this body decided, on December 10th, to “adopt a decision not to oppose the concentration operation”.
In the same note, the AdC points out that this operation “is not likely to create significant obstacles to effective competition in the national market or in a substantial part of it”.
Notification of the company concentration operation was received by the AdC on September 30, 2025, with effect from November 5, 2025.
With this operation, Novo Banco acquires exclusive control over this consumer credit business unit of Unibanco, including the activities, assets and liabilities associated with it, currently owned and operated by Unicre.
The two entities had already announced, on July 31, the conclusion of an agreement to purchase Unicre’s consumer credit business.
Unicre is a financial credit institution active in granting consumer credit, issuing and managing credit cards, mediating insurance in financial products, as well as in ‘acquiring’ activities, which owns and operates the Unibanco business unit.
Unibanco is dedicated to offering financial products and services, namely consumer credit and credit cards, to private and business customers in Portugal.
In November, three unions in the banking sector linked to UGT warned that only 50% of the approximately 100 workers affected by this operation would transfer to Novo Banco.
Among the remaining half, “the majority will have proposals for early retirement and some will be proposed terminations” by mutual agreement, informs a statement signed by the Mais Financial Sector Union, the National Union of Banking, Insurance and Technology Workers (SBC) and the Financial Sector Workers Union of Portugal (SBN).