The French bank BPCE will diversify its businesses in a dynamic of profitability

PARIS, July 8 (Reuters) – French bank BPCE, which is delisting its investment bank Natixis (CNAT.PA), on Thursday announced its intention to increase profits by 2024, including by focusing more on sustainable investing.

BPCE has stated that Natixis’ business diversification project is expected to result in approximately € 500 million ($ 590 million) in additional revenue for Natixis Corporate & Investment Banking in 2024.

It would also place environmental, social and governance (ESG) work at the center of its asset management and insurance activities, targeting more than € 600 billion in assets under management in the sustainable or impact investment category. for Natixis Investment Managers, i.e. 50% of total assets under management by 2024.

BPCE, which operates the second largest retail banking network in France behind market leader Crédit Agricole (CAGR.PA), said its projects are expected to generate additional revenues of € 1.5 billion in priority areas such as fund management, investment banking, insurance and payment solutions.

“By the end of this plan, we will not only have conquered new territories by supporting the economic recovery and the realization of our clients’ projects, but we will also have established Groupe BPCE as a leading player in banking, insurance and asset management. , said President Laurent Mignon.

($ 1 = € 0.8477)

Reporting by Sudip Kar-Gupta Editing by Mark Potter

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