France's Natixis aims to wind down 'bad bank' by mid 2014-CEO
PARIS, April 9
PARIS, April 9 (Reuters) - French bank Natixis aims to wind down its 'bad bank,' which holds some 14 billion euros ($18.22 billion)in toxic assets left over from the 2008 financial crisis, by mid-2014, its chief executive said in a newspaper interview.
"We still have to manage 14 billion euros in assets, but in the last quarter of 2012 we further significantly reduced our holdings with a very active policy of exiting the U.S. markets, where liquidity has returned," Laurent Mignon told Les Echos.
At the time of its creation in 2009, the unit known as GAPC held 35 billion euros in assets mostly left over from the subprime debt crisis.
A team of 160 people, two thirds based in New York and the rest in Paris, have been working on their sale, helped by parent company BPCE's move to guarantee 85 percent of the associated risks, the paper said.
Altogether the portfolio's disposal is likely to cost Natixis about 8 billion euros. ($1 = 0.7682 euros) (Reporting By Christian Plumb; Editing by David Cowell)