BPCE has made a formal offer to buy the 30% stake in Natixis it does not already own, absorbing the investment banking unit into the larger French financial group after months of speculation of a buyout.

The bank confirmed in a statement that it has offered €4 per share in a bid to acquire the remaining 29.3% stake in Natixis, the French investment bank that has shaken up its leadership team over the past 12 months following a challenging period.