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Natixis says it needs no fresh capital injection

FRENCH investment bank Natixis, which recently returned to profit after the financial crisis, does not need to raise capital to comply with Basel III solvency rules, its chief executive said yesterday.

“Internal studies allow us to conclude that we do not need to raise capital,” Laurent Mignon told a shareholders’ meeting when asked about the impact of the Basel III requirements.

The group’s chairman added that there were no plans to delist the bank, and a merger with its biggest shareholder BPCE was not on the cards.

“A withdrawal from the Bourse is not on the agenda,” Francois Perol said.

Perol is chairman of both BPCE and Natixis.

Groupe BPCE, formed through the 2009 merger of Banques Populaires and Caisses d’Epargne, has a 71.5 per cent stake in Natixis.

Natixis shares closed over five per cent higher yesterday, in line with a banking rally that pushed Societe Generale’s shares up 7.3 per cent.