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Arch buys stake in credit insurer from French bank

Arch buys stake in credit insurer from French bank

(Reuters)  French bank Natixis said on Tuesday that it had agreed to sell a 29.5% stake in credit insurance company Coface to U.S. company Arch Capital Group.

Natixis said it was selling the Coface stake at a price of €10.70 per share, marking a discount of around 6% to Coface's closing price of €11.38 on Feb. 24.

Natixis will hold 12.2% of Coface following the sale, which would free up 35 basis points for Natixis' core equity tier one capital ratio but generate a one-off goodwill impairment charge of around €100 million ($108.4 million) in the first quarter of 2020.