Natixis bank shareholders approve capital increase

0 Comments | AFP, August, 2008

PARIS (AFP) — Shareholders in French investment bank Natixis on Friday approved a planned 3.7 billion euros (5.44 billion dollars) capital increase to repair the damage caused by the US subprime home loan crisis.

Despite vocal opposition from some shareholders, the vote passed by a large majority since Natixis management had the support of major French banks Banque Populaire and Caisse d'Epargne, which hold 70 percent of its capital.

"Natixis is ready to write a new chapter in its history," the president of the bank's board Philippe Dupont told the meeting.

Natixis is fighting to recover from the effects of the financial crisis sparked by the collapse of the US high-risk or subprime mortgage market which has costs billions of dollars.

"We have...