Share loss dilemma
In September 2008, I visited my bank (Banque Populaire du Sud) and I was informed that it would be incorporating Natixis [a corporate and investment bank] within its organisation.
I was offered shares – and possible risk was never mentioned.
So I bought into this concept and acquired 159 shares at a total price of €3,000. The share price then was €19.
There was no question in the minds of the employees that there could ever be any lesser value per share and, of course, the real possibility that as Banque Populaire grew, so would my/their investments. I was persuaded to invest by my Accounts Manager.
Today I am looking at a Natixis share value of €5.36 per share. How did it come to this?
Personally, I feel this to have been a case of misselling, promoting the concept of a stronger financial institution with no hint of this being a gamble. Perhaps some of your readers have had the same experience with Natixis? What can be done?
Hortense HARGREAVES,
by email
In July 2016, the AMF (financial markets authority) sent a notice of grievances about the level of information presented to potential investors in Natixis during the sub-prime crisis.
In February 2017, Natixis said that it had been placed under investigation. It added: “The indictment only questions the information disseminated by Natixis in two 2007 press releases, and does not call into question its subsequent disclosure or its previous disclosure.”
Meanwhile a class action to recoup €10 per share has been presented by ADAM (l’Association de défense des actionnaires minoritaires). It represents 1,000 shareholders.
You can write to its president, Mme Colette Neuville at ADAM, 4 rue Montescot BP208, 28004, Chartres or call 02 37 36 70 56
