Natixis wriggles off capital hook with BPCE backing

11 Nov 2011

Natixis looks set to escape most of the capital raising or deleveraging needed by its French peers, thanks to generous support from group parent BPCE.

It is raising 200bp of core tier one through a manoeuvre it calls "P3CI". BPCE is guaranteeing Natixis’s exposure to the group’s co-operative investment certificates, which are risk-weighted at 370%. This means Natixis can bring risk weighted assets down by €25.6bn.

The transaction also allows Natixis to repay €2.3bn ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial