On Thursday, France’s BPCE, which is in the process of delisting its Natixis investment banking arm, announced plans to boost its revenues by 2024 by partly increasing its focus on sustainable investing.
It expects the move to generate additional revenues of around $590 million (500 million euros) for Natixis Corporate & Investment Banking in 2024.
The French bank has also placed environmental, social and governance (ESG) at the centre of its asset management and insurance arms, targeting more than 600 billion euros in assets under management in the sustainable or impact investing category for Natixis Investment Managers, representing 50% of total assets under management by 2024.
The bank, which incidentally runs France’s second-biggest retail banking network said, its plans should garner extra revenuess of around 1.5 billion euros in priority areas including fund management, investment banking, insurance and payments solutions.
“At the end of this plan, we will not only have conquered new territories by supporting the economic recovery and the realization of our customers’ projects but we will also have established Groupe BPCE as a front-ranking player in banking, insurance and asset management,” said Chairman Laurent Mignon.
($1 = 0.8477 euros)