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Natixis to acquire 50% stake in gift voucher firm

Natixis will acquire fellow French bank La Banque Postale SA's 50% stake in gift voucher firm Titres Cadeaux for an undisclosed sum, according to a Dec. 19 joint statement.

Titres Cadeaux, which the two banks set up in 2006, designs and distributes multibrand gift vouchers and cards. Natixis will become the company's sole shareholder following the deal.

The sale is part of La Banque Postale's strategy to review its production and distribution model on its noncore businesses.