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French bank Natixis said on Tuesday that it had agreed to sell a 29.5% stake in credit insurance company Coface to U.S. company Arch Capital Group, a US specialty and mortgage insurer.
Source: Reuters | Published on February 25, 2020
Natixis said it was selling the Coface stake at a price of 10.70 euros per share, marking a discount of around 6% to Coface’s closing price of 11.38 euros on Feb. 24.
Natixis will hold 12.2% of Coface following the sale, which would free up 35 basis points for Natixis’ core equity tier one capital ratio but generate a one-off goodwill impairment charge of around 100 million euros ($108.4 million) in the first quarter of 2020.
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