Pledge on toxic assets likely to help bank
By Emma Vandore |
August 27, 2009, Thursday
|
Print Edition
Print Edition
FRENCH bank Natixis said its parent company has agreed to guarantee 35 billion euros (US$50 billion) of its toxic assets, a move it expects will help it return to profitability in the second half after reporting yesterday its fifth consecutive quarterly loss.
Natixis, whose main owners recently merged, posted a net loss in the second quarter of 883 million euros, less than the 1.02 billion euros it lost in the same period a year ago, due to writedowns.
Natixis' new parent company, BPCE, formed through a merger of Banque Populaire and Caisse d'Epargne, will guarantee and ring fence losses on roughly 35 billion euros of toxic assets - for which there is no longer a market - to allow Natixis to focus on less risky businesses.
Natixis has been among the French banks hardest hit by the crisis in the United States subprime mortgage markets.
It has cut jobs and stopped some of its riskier activities.
Natixis, whose main owners recently merged, posted a net loss in the second quarter of 883 million euros, less than the 1.02 billion euros it lost in the same period a year ago, due to writedowns.
Natixis' new parent company, BPCE, formed through a merger of Banque Populaire and Caisse d'Epargne, will guarantee and ring fence losses on roughly 35 billion euros of toxic assets - for which there is no longer a market - to allow Natixis to focus on less risky businesses.
Natixis has been among the French banks hardest hit by the crisis in the United States subprime mortgage markets.
It has cut jobs and stopped some of its riskier activities.
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