Natixis appoints new CEO after second quarterly loss in a row

Credit: REUTERS/CHARLES PLATIAU

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PARIS, Aug 3 (Reuters) - French investment bank Natixis CNAT.PA reported its second quarterly loss in a row on Monday and announced the departure of Chief Executive Francois Riahi.

Natixis said the board of directors had appointed Nicolas Namias, head of group finance and strategy at parent company BPCE, as the bank's new CEO with effect from Aug. 4.

Natixis lost 57 million euros in the second quarter as its equity trading suffered and the bank increased provisions for potential bad loans due to the COVID-19 crisis.

Natixis said Riahi was leaving due to "strategic differences" regarding options for the bank's future plans.

"To prepare the new strategic plan due to be presented next summer, and with a view to initiating this new stage in the life of the company, the board of directors decided to appoint Nicolas Namias as chief executive officer with effect from August 4th, 2020," the bank said in a statement.

(Reporting by Maya Nikolaeva; Editing by Benoit Van Overstraeten and David Clarke)

((maya.nikolaeva@thomsonreuters.com; +33 1 49 49 53 39;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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