* Natixis announces the departure of CEO Riahi due to strategic differences Nicolas Namias, CFO of parent company BPCE to replace Riahi
* Natixis announces a loss of 57 million euros in Q2
* Natixis to adjust the configuration of equity derivatives (Add details, context)
PARIS, Aug. 3 (Reuters) – French investment bank Natixis announced on Monday that it was replacing its CEO with the chief financial officer of its parent company in order to prepare a new strategy after announcing its second consecutive quarterly loss.
Natixis shares have nearly halved this year, prompting parent company BCPE to consider privatizing it – a prospect the group has denied.
Natixis said the board of directors has appointed Nicolas Namias, head of group finance and strategy at BPCE, as the bank’s new CEO effective August 4.
Natixis on Monday announced a loss of 57 million euros ($ 67 million) for the second quarter due to the deterioration of its equity operations and the increase in provisions for potential bad debts due to the COVID crisis -19.
Natixis said François Riahi, CEO since mid-2018, was leaving due to “strategic differences” over options for the bank’s future plans.
“To prepare the new strategic plan which must be presented next summer, and with a view to initiating this new stage in the life of the company, the board of directors has decided to appoint Nicolas Namias as general manager at effective August 4, 2020. ”the bank said in a statement.
Riahi has had a bumpy ride at the head of France’s fourth largest bank.
The bank recorded trading losses on equity derivatives at the end of 2018, faced concerns about the liquidity and governance of one of its asset management subsidiaries in 2019, and reported quarterly losses this year, due to a peak in provisions for bad debts and losses on shares.
Natixis declared that it would “adjust the configuration of equity derivatives activities towards our main strategic clients”.
$ 1 = 0.8508 euros Reporting by Maya Nikolaeva; Editing by Benoit Van Overstraeten / David Clarke / Susan Fenton