The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
CAPITAL MARKETS

One year on, has delisting made Natixis stronger?

Getting rid of Natixis’ minority shareholders has helped the investment bank use the strength of mutual group BPCE’s balance sheet, says divisional leader Nicolas Namias. There are some signs it’s making a positive difference.

The logo of French bank Natixis is seen at one of their office in Paris

It’s now a year since Natixis delisted, becoming 100% owned by mutual group BPCE, one of France’s four global systemically important banks. Has the move improved the corporate and investment bank’s performance during this time?

The delisting was a historic event for Natixis, 15 years after its creation.

A listing was supposed to give Natixis a source of growth capital, until sub-prime losses in 2008 underlined the need for cuts instead. In recent years, European bank share prices have stayed well below book value, making equity raises in public markets an extremely unattractive option. That market reality partly informed why mutual group BPCE decided to delist Natixis, in which it had a 71% share.

Nicolas Namias, Natixis.jpg
Nicolas Namias, Natixis

The decision also followed outsized losses in equity derivatives in 2020, as well as volatility in asset management due to illiquid bond holdings in its former H2O subsidiary.

Following the delisting, asset management and corporate and investment banking are now a division of BPCE overseen by Nicolas Namias, who became CEO of the listed vehicle – which also included insurance and payments – after the 2020 losses.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree