Key Developments: Natixis SA (NTXFY.PK)
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27 Mar 2013
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Latest Key Developments (Source: Significant Developments)
Natixis SA To Sell 20% In BPCE; Pay Special Dividend-Reuters
Reuters reported that Natixis SA said it would sell EUR12 billion ($16.02 billion) in investment certificates through which it owned a fifth of parent company BPCE to BPCE and its cooperative shareholders. Natixis SA to pay out a EUR2 billion one-time special dividend to shareholders, worth EUR0.65 a share, the bank said. Full Article
Natixis SA Acquires McDonnell Investment Management-DJ
Dow Jones reported that Natixis SA announced the signature of an agreement to acquire McDonnell Investment Management. Natixis Global Asset Management, the subsidiary of Natixis SA which will take control of McDonnell Investment Management, plans to launch a municipal bonds product at the beginning of 2013. The financial terms of the acquisition were not disclosed. Full Article
Natixis SA Announces Creation of Wholesale Banking Business
Natixis SA announced that it has decided to change its corporate and investment banking business into a wholesale banking business serving corporations, financial institutions, the public sector and Groupe BPCE networks. The wholesale banking business will comprise two departments: the coverage & advisory department and the financing and market solutions. In addition and to optimize operational processes, Natixis is creating a new operations and IS department (COO) that will manage Natixis' IS and technical infrastructure projects, and the operational control and management teams of wholesale banking operations. Full Article
Natixis SA Plans To Shut Commodities Brokerage Unit-Reuters
Reuters reported that Natixis SA said it plans to close its commodities brokerage division. The bank decided to wind up the brokerage activities of Natixis Commodities Markets (NCM), which offers derivatives on a range of metals, fuels and commodities, bank said. Over-the-counter activities will continue and operate in cooperation with bank's structured finance operations, which also offers commodities trade finance. "This is part of our reduction plan because it is a business which consumes a lot of liquidity,"Natixis CEO Laurent Mignon told analysts in a conference call on Thursday. "We consider that we really don't have the critical size in this business," he added. The future of NCM, which has been in metals broking under several owners for almost 35 years, has been uncertain since management said in January it was considering selling the business. The 120 team in London was told of the decision to wind down brokerage on Wednesday afternoon, a trader who had spoken to an NCM trader told Reuters. "They were told it's over. The business will be liquidated in an orderly fashion," the trade source said. The move will effectively dismantle ringdealing team on the London Metal Exchange trading floor and will start the process of liquidating customers' accounts. Closing accounts is expected to take until the end of the year, the source said. The bank could be hoping for rich proceeds from its CategoryI ringdealing LME membership, which is worth $17 million based on recent sales. Full Article
New Issue-Carrefour prices 1.0 bln euro 2019 bond
Underlying govt bond Over Mid-swaps, equivalent to 118.1
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