In addition, Natixis has consistently stressed that its scope is not limited to its market activities..

The most complex activities are arrested and 19 billion in assets are isolated in a portfolio managed by extinction.

Natixis has already lost 1 billion euros over the first nine months of 2008. Given the results of the fourth quarter that other banks have already disclosed, it is unlikely that Natixis fared better. We believe that the bank will end the year with a loss of 2.5 billion euros at least.

Thanks to its capital increase, the bank had a capital ratio of Tier 1 of 8.6% to end September. Since then, its main shareholders have transferred their share of the first tranche of government support, namely a bit more than 2 billion euros.

The new place Natixis in the scheme of merger of two holding head is still uncertain. The scope of activity will probably be modified because the reflection on divestments has already begun. No results yet. The bank withdrew its insurance business of selling, finding that the offers were too low. She found no agreement either with Credit Agricole, its partner in the firm to retain shares Caceis.

Rest in selling its profitable activities Natixis not solve the problem of its market activities. Worse, the group and its shareholders are not immune to accounting losses, pushing the bill again for the Caisses d’Epargne and Banques Populaires, which should already bad year results reflect the weight that represents its subsidiary. That might be reason enough for the two groups decided to withdraw the rating Natixis.


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