Shares in Natixis rose more than 30 per cent on Wednesday morning as investors welcomed the news that billions of euros of toxic assets at the French investment bank would be guaranteed by BPCE, its parent company.

In an announcement that coincided with the release of the bank’s second-quarter results, Natixis confirmed that BPCE would cover roughly €35bn of its risky assets through a guarantee that would “remove the volatility of these assets’ results, allowing Natixis to focus on its new strategic direction”.