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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  NATIXIS    KN   FR0000120685

NATIXIS

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Natixis : verdict set for June in sub-prime exposure case

04/07/2021 | 11:54am EDT

PARIS, April 7 (Reuters) - A verdict in a French criminal court case over allegations that investment bank Natixis made a misleading statement in 2007 about its financial strength in relation to sub-prime exposure will be announced on June 24, judges said on Wednesday.

Natixis was one of the French banks hardest hit by the crisis in 2007 when the collapse of bonds backed by poor-quality mortgages - dubbed sub-prime - spread through financial markets.

The bank eventually had to be rescued by its parent bank BPCE and was later restructured.

Prosecutors are asking the court to fine Natixis 7.5 million euros ($8.91 million). Natixis denied any wrongdoing and lawyers for the bank said in the trial that the bank did not try to mislead investors and that accusations were groundless.

"We plead for acquittal," Eric Dezeuze, a lawyer for Natixis, told the court on Wednesday in closing arguments.

"Exposure to sub-prime was limited", he also said.

The trial followed a complaint filed in 2009 by French shareholders association Adam on behalf of hundreds of retail investors, demanding investigations into Natixis' financial communications from 2006, when the bank was listed, until 2009.

Prosecutors initially opened a probe into two statements Natixis released in July and November 2007 over its exposure to the subprime crisis. Magistrates dismissed bringing a case based on the earlier one, and in 2019 ordered a criminal trial over the November filing.

Financial watchdog AMF also looked into whether Natixis misled investors during the 2007 sub-prime crisis and decided not to bring any charges against the bank. ($1 = 0.8416 euros) (Reporting by Matthieu Protard. Editing by Jane Merriman and Barbara Lewis)


© Reuters 2021
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Financials
Sales 2021 7 993 M 9 522 M 9 522 M
Net income 2021 843 M 1 005 M 1 005 M
Net Debt 2021 - - -
P/E ratio 2021 15,3x
Yield 2021 4,69%
Capitalization 12 723 M 15 157 M 15 155 M
Capi. / Sales 2021 1,59x
Capi. / Sales 2022 1,54x
Nbr of Employees 16 943
Free-Float 26,1%
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Mean consensus HOLD
Number of Analysts 14
Average target price 3,79 €
Last Close Price 4,03 €
Spread / Highest target -0,55%
Spread / Average Target -6,09%
Spread / Lowest Target -23,1%
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Managers and Directors
NameTitle
Nicolas Namias Chief Executive Officer
Nathalie Bricker Chief Financial Officer
Laurent Mignon Chairman
Veronique Sani Chief Technology & Transformation Officer
Stephane Morin Head-Compliance
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