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Natixis says does not fall under new U.S. rules for now
February 20, 2014 / 12:35 PM / 4 years ago

Natixis says does not fall under new U.S. rules for now

PARIS, Feb 20 (Reuters) - French investment bank Natixis said on Thursday it does not have to comply with new rules for international banks in the United States, despite appearing on the watch list of the Federal Reserve.

The Fed on Wednesday released names of the 17 biggest foreign banks, Natixis among them, it estimates may need to set up a new structure that meets the same capital and liquidity requirements as U.S. banks.

A Natixis spokeswoman said the bank had less than the $50 billion threshold in its own assets and would not have to create a new structure in the United States for now.

“Today, Natixis does not reach the threshold of $50 billion,” she said.

Natixis posted a 10 percent rise in underlying fourth-quarter net profit on Wednesday due to cost-cutting and promised to return more cash to shareholders.

Natixis had 304 billion euros under management in its asset management business in the United States as of end-2013, versus 320 billion euros in Europe.

Societe Generale, which was also on the list, had no immediate comment.

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