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 Cookies before 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.

France: Natixis raises the roof

Investor doubt evaporates.

Doubts about investor confidence in Natixis, the investment bank and asset management group created through the merger of Natexis and IXIS Corporate and Investment Bank, were silenced by the success of the bank’s equity transaction in December.

Natixis raised €4.22 billion in what was technically a secondary placement of shares because Natexis had been a publicly listed company, but was widely seen as an IPO for the newly merged bank. The deal attracted close to €12 billion of demand, including €4.4 billion from retail investors, mainly customers of the Banques Populaires retail bank network for which the new bank is a centralized product factory.

The deal is the largest in France since the €7.5 billion listing of Electricité de France in 2005.

Sanpaolo IMI and DZ Bank, long-time partners of Natexis and Ixis, also took advantage of the capital-raising to take strategic stakes in the bank.

The deal gave Natixis a market capitalization of €24.8 billion, comparable to the investment banking businesses of BNP Paribas and SG.

Although the bank’s valuation had not come with as big a discount relative to its peers that some were expecting, the issuer held back from pricing the deal more aggressively.

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.


Unlimited access to and

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


Unlimited access to and, 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


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