Natixis to close commodity trade finance desks in Geneva and Dubai
The bank had 56 employees in the UAE and 50 in Geneva
French investment bank Natixis is to consolidate its European and Middle Eastern commodity trade finance (CTF) activities in Paris as part of its new strategic plan that will see the French investment bank close desks in Geneva and Dubai.
The changes will have a marginal impact on its activities and will allow Natixis "strengthen its intervention and better serve its clients", the bank said.
"Natixis has decided to close down its CTF office in Geneva and activity in Dubai," it said in an emailed statement.
"Natixis will refocus its Energy & Natural Resources EMEA (Europe, Middle East and Africa) CTF activities in Paris on mid-and-large size Commodity Trade Finance clients".
Natixis opened its Geneva representative office on December 2016, focusing on CTF, its website says.
It had 56 employees in United Arab Emirates and 50 in Switzerland overall, according to its annual report. Natixis declined to comment on how many CTF jobs were affected in Geneva and Dubai.
CTF desks help clients secure and finance the import and export of products. Natixis said in its annual report that CTF business remained strong in 2017, helped by higher per barrel oil prices compared with the year before.
Natixis' announcement follows a similar move by Dutch bank ABN Amro last month. The European lender said it would down its operations in Dubai and will transfer some of its existing clients in international commodities business to Amsterdam.
A spokesman for the bank told The National last month that the amount of business for the bank in Dubai did not justify the overheads of having a branch in the emirate.
Updated: June 8, 2018 03:18 PM