Natixis, the €25bn ($32bn) investment banking and funds tie-up between France's Caisse d'Epargne and Banque Populaire, is already examining investment banking acquisitions in the US and Asia despite not yet being operational.

Charles Milhaud, president of the Caisse d'Epargne group, said retail banking targets in Europe were also being examined as the merged bank and funds group expands into new areas.