"Everything is still possible" - Trends-Tendances sur PC

“Everything is still possible” – Trends-Tendances sur PC

There are only a few days left for the boss of NewB and his teams to complete a fundraising of 40 million euros and thus ensure the sustainability of the cooperative bank under construction. Interview by Sébastien Buron

1. Where is the bank in its new fundraising to allow it to continue its activities?

The only thing I can tell you at this stage is that we have not yet reached the target of 40 million set by the National Bank to ensure the sustainability of our activities. But we still have a few days left, until the end of September, to achieve this. Discussions are still ongoing with several institutional investors. If any…

The only thing I can tell you at this stage is that we have not yet reached the target of 40 million set by the National Bank to ensure the sustainability of our activities. But we still have a few days left, until the end of September, to achieve this. Discussions are still ongoing with several institutional investors. If all the avenues materialize up to their ambitions, it is not impossible that we will get there. In other words, the future of NewB is not certain but everything is still possible. And as long as it is, we will remain combative. This is more a question for the National Bank. The decision is up to him. It is she who must decide on the future of NewB. And in the event that we are unable to collect the necessary amounts, it is clear that a discussion will have to be opened with her. By this I mean that even if we do not manage to raise enough capital, in particular up to what the National Bank is asking us, that does not necessarily mean that it is the end of NewB. We can imagine different scenarios depending on the amount finally collected. This is also why I remain very cautious. Let’s be clear, we are not on the verge of bankruptcy. For our 20,000 customers, there is no risk. The bank is sufficiently liquid to be able to reimburse them. And if ever there should be a problem, they are, anyway, covered up to 100,000 euros by the deposit guarantee system. For the 117,000 cooperators on the other hand, most of whom unfortunately did not become NewB customers, they invested money in a project which they knew to be at risk. In the event of the bank’s liquidation, they would recover the financial balance after settling all of NewB’s other commitments.

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