Natixis in the red in Q2, CEO Riahi leaves office

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NATIXIS IN THE RED IN T2, DG RIAHI LEAVES HIS DUTIES

PARIS (Reuters) – Losing 57 million euros in the second quarter due to the coronavirus crisis, Natixis announced the departure of its chief executive François Riahi due to “strategic differences”.

The listed subsidiary of the mutual banking group BPCE indicates in a press release that François Riahi is replaced by Nicolas Namias, currently in charge of BPCE’s finances and strategy, at the head of the bank as of August 4, 2020.

After a loss of 204 million in the first quarter, Natixis’ accounts are once again in the red due to an increase in provisions for credit risk due to the economic recession which has raised fears of loan defaults.

Its cost of risk thus climbed to 289 million euros in the second quarter against 109 million a year earlier.

In corporate and investment banking, Natixis also posted a pre-tax loss of 230 million euros.

The bank also announces that it will present its objectives for 2021 on November 5 and that a new strategic plan, which was the subject of disagreements with François Riahi, will be presented in June 2021.

(Maya Nikolaeva and Matthieu Protard, edited by Jean-Michel Bélot)

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