Natixis to sell 29.5% stake in coface to arch capital group

Announces, in line with its new dimension plan, that it has sold a stake of 29.5% in coface share capital to arch capital group, a leading us speciality & mortgage insurance company, at a price of 10.70 eur per share.will continue to demonstrate its commitment to shareholder return with distribution of all excess capital above target through ordinary dividends or other means.following closing of transaction, natixis will no longer be represented at coface's board of directors.natixis will hold its remaining 12.2% stake in coface as a financial participation.announcement of sale will also generate a one-off goodwill impairment of around eur 100m in q1 of 2020, with no impact on natixis' cet1 ratio.fenchurch advisory and rothschild & co acted as financial advisors and darrois villey maillot brochier as legal advisor for natixis in transaction.transaction is expected to trigger deconsolidation of coface in natixis' accounts at closing and to free up an overall around 35bps of cet1 ratio, mainly driven by a around eur 3.5bn release of risk-weighted assets.
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