Natixis sells 29.5% of Coface for 500 million euros

A fresh start for Coface. Natixis announced Tuesday the sale of part of this credit insurer: the investment bank of the mutual group BPCE (Banque Populaire, Caisses d'Épargne) signed a partnership agreement with Arch Capital Group, an insurer based in Bermuda , relating to 29.5% of Coface's capital for 480 million euros (10.7 euros per share). This price corresponds to the average of the last three months of Coface stock market prices, with a discount. "These are normal conditions for this type of operation," says one at Natixis. Investors have been expecting a sale of Coface, present in 67 countries, for ten years, which insures companies (from SMEs to multinationals) against the risk of non-payment, in particular for export. "This is an important step for us since Coface has been a Natixis stake since 2006. And since 2009, it has no longer been part of our core businesses" , explains François Riahi, the CEO of Natixis. Had

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