The truth about ... Natixis' misadventures
Cost-saving measures, new strategic plan… The market bank, a subsidiary of BPCE, is trying to limit the damage caused by its policy of “shops”.
Floor after floor, the Duo 1 and 2 towers settle into the landscape of eastern Paris. For the time being, it is difficult to know if these buildings intended for the BPCE and Natixis teams form the V of victory, or if their complicated architecture, desired by Jean Nouvel, is the symbol of the contradictions that agitate the group comprising the Banques Populaires , the Savings Banks and their market subsidiary, Natixis, the focus of attention. “Matters to be dealt with have been identified at Natixis,” recognizes Laurent Mignon, Chairman of the BPCE Management Board. Nicolas Namias, CEO of Natixis, and his teams set out to resolve them in a determined and professional manner. " Hurry up. The title has yielded 44% in one year on the stock market, 10 points more than its mutualist rival Crédit Agricole SA (Casa). And if Natixis took the lead in the third quarter, with a net profit of 39 million euros, its profits remain 91% lower than those recorded a year earlier, when Casa limits the slide to 18.5 %.
The H2O spark
Suddenly, Laurent Mignon is deploying great means to "put the bank back on a growth path". Savings measures of 350 million euros by 2024, announcement of an upcoming strategic plan in spring 2021, merger with La Banque Postale in asset management ... the announcements were accumulated on November 5, during the publication of the group's quarterly results. Above all, the market bank finally promises to break ties with H2O, an asset management boutique in which Natixis will sell its 50.01%. Because it was H2O which ignited the powders. The problem came to light in June 2019, when the clients of the London-based company suddenly withdrew some 8 billion euros out of a total of 34 billion outstanding. The reason ? Despite its fluid name, H2O was no longer able to offer its investors the promised liquidity. In August 2020, new alert. This time, it is the Autorité des marchés financiers which bangs its fist on the table and asks for the suspension of certain funds: 10 billion euros are blocked for six weeks, the time to separate the liquid products from those which will not succeed. to find a taker at reduced prices.
For Laurent Mignon, the affair is already almost a thing of the past. He says he is "confident" on the sale of the shares of H2O, which should take place before the end of the year. And he assures us that the lessons have been learned: "There are things to adjust, but we are progressing, we are learning," assures the leader. Natixis has already strengthened its way of working. »A message that he must convey within the group. Because the H2O affair has provoked a lot of grumbling within BPCE. “The networks of popular banks and savings banks are doing the job and have managed to increase their income, even in the crisis, notes a good expert of the group. Their leaders are fed up with being presented with the bills for market banking slippages. “In December 2018, the establishment had already seen its results cut by 260 million euros due to risky investments in Asian markets. “More than a financial impact, the H2O file has consequences in terms of image”, continues a group manager.
“In addition, we can see that the H2O affair has its share in the fall in the Natixis stock market price,” adds a bank employee. However, with employee shareholding which weighs 3% of the company's capital, colleagues all note that a hole is growing in their heritage. "
A "balkanized" group
Another element is fueling the debates. In the middle of August, after the publication of a loss of 57 million euros in the second quarter, Laurent Mignon dismissed without qualms François Riahi, at the head of Natixis for two years. BPCE executives explain today that this enarque, former adviser to Nicolas Sarkozy at the Elysee Palace, lacked entrepreneurship. “Riahi is only a lamp worker, annoys the group's expert on the contrary. He is not responsible for the H2O problems, which were germinating before his arrival. This decision to “resign” sends a very bad message to the teams. "
Successor of Riahi, Nicolas Na-mias, until then head of strategy and finance at Natixis,
“Demonstrates a great spirit of leadership,” points out Laurent Mignon. This enarque and ex-adviser to Jean-Marc Ayrault at Matignon has the difficult task of writing Natixis' rebound strategy which will be revealed next year. "A costume too big for him, yet considers a headhunter. It is only Laurent Mignon's transmission belt. Shortly after these changes, one of Nat's top officials