Natixis finalized the acquisition of Cicobail
On December 31, 2010, Natixis finalized the acquisition of 99.91% of the capital of Cicobail from Crédit Foncier de France, Banque Palatine and Eurosic via its Natixis Lease subsidiary in line with the schedule announced on September 17, 2010.
The transaction is designed to further the implementation of Groupe BPCE’s 2010-2013 strategic plan, “Ensemble” [Together]. One aspect of the plan is to house all of Groupe BPCE’s leasing activities under Natixis.
Natixis Lease’s position as a leading player in the French leasing market is further strengthened with assets of €6.5 billion and a production in 2010 of €1.152 billion.
The transaction will not have a significant impact on Natixis’ solvency ratio.
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About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
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