September 12, 2018 / 4:15 PM / 7 days ago

Natixis to sell business lines to parent bank for 2.7 bln euros

PARIS, Sept 12 (Reuters) - French bank Natixis said on Wednesday it planned to sell some financial businesses such as consumer financing, factoring, leasing and securities services to its parent bank BPCE for 2.7 billion euros.

The operation would allow Natixis to pay a special cash dividend of 1.5 billion euros ($1.74 billion), the bank said in a statement.

Following the transaction, which it expects to close in the first quarter of 2019, Natixis expects to raise its target for return on tangible equity in 2020 to between 14 percent and 15.5 percent from a previous target of between 13 percent and 14.5 percent.

$1 = 0.8604 euros Reporting by Inti Landauro; Editing by Leigh Thomas

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