Natixis

Deminor has sent two letters on respectively 23 March and 31 March 2010 to François Pérol, President of BPCE, the company owning more than 70% of Natixis and resulting from the merger of Groupe Banque Populaire and Groupe Caisse d'Epargne. Both letters remained unanswered.

Clearly, these letters have highlighted issues that bother.

Indeed, the guarantee given by the BPCE in August 2009 to cover roughly €35 billion of distressed assets in favour of Natixis for its GAPC portfolio ("gestion active des portefeuilles cantonnés"), results for each shareholder to bear a potential risk of 3,000 EUR. On top of losing their savings, the members of Groupe Banque Populaire and Groupe Caisse d'Epargne (most of them became shareholders of Natixis) now have to bear the risk of this guarantee.

The second letter also highlighted the importance of trading volume on the title Natixis in the three weeks preceding the announcement of the guarantee, suggesting some insider trading. The share price rose 68% in the days preceding the announcement of the guarantee and in total 150% in a few weeks.

To view these letters, please choose "French" as language.

As a reminder, 730 shareholders gathered by Deminor have filed a lawsuit on 31 December 2009 before the Commercial Court of Paris against Natixis, BPCE, and two former directors of Natixis, in order to get compensation for the losses incurred by the investors.