Shares in Natexis, the investment banking arm of Banque Populaire, fell 5.73% yesterday as investment analysts expressed their disappointment at projected future growth for Natixis, its €25bn ($32bn) investment banking and funds tie-up with La Caisse d'Epargne.

Natixis gave the first outline of its business plans until 2010 to analysts in Paris yesterday after lodging its official launch documents with the AMF French regulator.