Natixis willing to sell Coface, say reports

FRENCH investment bank Natixis is rumoured to be willing to sell its credit insurance subsidiary Coface in the next year, according to local reports. A spokesman for Natixis told La Tribune newspaper Coface was not one of the bank’s core activities. According to the newspaper, Coface is valued at €1bn ($1.47bn) on Natixis accounts and could be sold for between €1bn and €1.5bn. Citing several unnamed sources, La Tribune said Natixis could sell Coface once the credit insurer returned to profitability, adding one possible buyer was French reinsurer Scor. The global economic crisis sent Coface to its biggest-ever loss of €103m in the first quarter of this year.