Moody’s puts Natexis’ financial strength rating on review for downgrade

Natexis – the 75% owned wholesale banking arm of Banque Populaire Group – said it would report “significant losses” from structured equity products trading for the second half and is revaluing its short- and medium-term derivatives positions. Natexis admitted its risk management processes had failed to effectively manage its exposures. “The difficulties are exacerbated by the inability of certain valuation models to successfully manage the current extreme volatility,” the bank said in a statement on Friday. “Certain anomalies in the data fed into the models have also been detected.”

Despite this, Moody’s maintained all other ratings on Paris-based Natexis and its parent Banque Populaire Group.

Related link: Natexis hit by heavy equity derivatives losses

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