Coface Said Working With JPMorgan, Natixis for IPO This Year
Coface SA, the French credit insurer owned by investment bank Natixis (KN) SA, is working with its parent and JPMorgan Chase & Co. as it prepares for an initial public offering, people with knowledge of the matter said.
Coface may raise about 500 million euros ($678 million) in an IPO being planned for this year, said one of the people, who asked not to be named because the details are private.
Natixis plans to sell Coface shares on the stock market by the end of June as part of a plan to invest more in wholesale banking, asset management and “specialized” financial services, Chief Executive Officer Laurent Mignon said in November. The volume of equity capital market deals in Europe almost doubled last year, data compiled by Bloomberg show, encouraging companies to line up asset sales for 2014.
Spokeswomen for the banks declined to comment. A spokeswoman for Coface didn’t respond to a request for comment left outside regular business hours.
Coface had an operating profit of 189 million euros on revenue of 1.57 billion euros in 2012, according to its website.