French banking group BPCE has offered to acquire the remaining 29.3% stake in Natixis it does not already own for nearly €3.7bn ($4.5bn), with plans to delist and overhaul the Paris-based investment bank.

BPCE is offering €4 a share to buy the stake in Natixis, which has been facing troubled times after various missteps that led to trading losses.

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Last year, Natixis named Nicolas Namias as its new CEO, replacing Francois Riahi citing strategic differences with him.

Last month, a report revealed that Natixis will sell back its majority stake in troubled H20 Asset Management to the firm’s management.

The money manager came under the scanner after it was revealed that it had invested more than €1bn of investor money into illiquid bonds related to controversial German financier Lars Windhorst.

The proposed offer by BPCE aims to simplify Natixis’s structure by pooling the bank’s insurance and payments activities within BPCE’s retail operations.

It also aims to combine asset, wealth management, corporate and investment banking activities at Natixis under a new structure called Global Financial Services.

The French investment bank revealed that its board has positively welcomed BPCE’s proposed offer.

The board has appointed financial firm Ledouble to serve as an independent expert and offer a view regarding the tender offer.

An ad hoc committee, including the independent members sitting on the board, will supervise the work of the independent expert.

Natixis CEO Nicolas Namias said: “Over recent months we have implemented several strategic and operational decisions, which have put Natixis back on track with is value creation ambition. The current and foreseeable trends on the financial and regulatory fronts have led us to reconsider the Groupe BPCE and Natixis’s organisational structure, for the benefit of all stakeholders.

“This project would constitute a new step in the development of each of Natixis’s businesses – asset and wealth management, corporate and investment banking, insurance and payments – with an increased strategic manoeuvrability thanks to the Group.

“Likewise, the support functions of Global Financial Services and its businesses could operate more closely with the Group’s functions, with converging processes and tools. This new organisation aims at combining short-term performance requirements with a long-term perspective.”