Global Banking Directory 2.0
Press Release Distribution Service
Add Bank | Banking Forum Online
BankDEP Crypto Bank
BanksDaily on Twitter BanksDaily on LinkedIn BanksDaily on Instagram

Financial and Banking News

Natixis expected to seek probe over share price

Natixis, the French investment bank, is expected to reiterate full-year guidance on Monday in an attempt to calm fears that its earnings could be vulnerable to the US subprime mortgage crisis.

The group, which owns a 2.5 per cent stake in IKB Deutsche Industriebank, the German bank that has racked up billions in potential losses in US subprime mortgages, saw its shares plunge 10 per cent in late afternoon trade on Friday on rumours that it could be more exposed to subprime loans than some of its competitors.

The bank, whose first half results are due this month, saw its shares fall sharply in March after it said it had a $1.4bn exposure to the subprime sector. However, according to one person close to the situation, the company has cut its exposure to zero. The person added that the 2.5 per cent stake in IKB represented less than a €30m ($41m) investment for the bank.

In a statement to be released on Monday, the bank is also expected to request an investigation by French stock market regulators over its share price movement. "Nothing justifies the sharp fall in Natixis," said the person.

The rumour on Friday was that a large institutional investor may have sold off its stake. Natixis, formed from the merger of the corporate and investment banking activities of French mutual banks Banque Populaire and Caisse d'Epargne last year, has seen its shares fall some 35 per cent since the start of the year.

UBS on Friday lowered its price target on Natixis from €18.50 to €15, saying it remained sceptical about the risk profile of the investment bank.

"Uncertainty about the earnings outlook going into the first half results do not justify a more positive outlook on the stock, even excluding the risk from potential exposure to subprime lenders which currently cannot be quantified," it said.

Source: Financial Times
Date: 08.08.2007 [68]
Get your content published on in just a few clicks.

Financial and Banking News
 Post-Pandemic Economic Recovery: Key Factors Driving Growth and Stability

The COVID-19 pandemic caused a global economic halt, resulting in disruption, job losses, and uncertainty. However, as vaccination efforts progress and countries adjust to the new normal, there is hope for an economic recovery.

 Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus. Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. 30.10.2023 | Source: WikiExpo

 Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

Dubai, UAE - The Blockchain Economy Dubai Summit is generating palpable excitement within the blockchain and crypto communities, with only two weeks remaining until the event. Scheduled for October 4-5, 2023, at the Le Meridien Dubai Hotel & Conference Center, this prestigious event gathers over 3,000 blockchain entrepreneurs, crypto enthusiasts, and industry leaders from 85 countries. 20.09.2023 | Source: Teklip

 📰 News Archive

2007-2024 © | All Banks in One Place | Privacy Policy