Scale through Specialization: How Natixis CIB is driving its M&A strategy forward
M&A is entering a new phase, with activity increasingly shaped by sector-specific opportunities, financing requirements and the need for strategic advice across borders. For Natixis CIB, the response has been to build an M&A platform around specialist expertise rather than pursue a conventional generalist model.
Mohamed Kallala, CEO of Natixis, in charge of Corporate & Investment Banking, explains how the bank’s distinctive multi-boutique approach is evolving and where he sees the strongest opportunities for growth.
Why has Natixis CIB chosen a multi-boutique model for M&A?
Mohamed Kallala: When we decided to develop our M&A business, we wanted to build genuine expertise rather than replicating what the largest investment banks do. The multi-boutique model allows us to bring together highly specialized teams with strong client relationships and sector knowledge. These boutiques remain entrepreneurial, while benefiting from the resources and international reach of Natixis CIB.
It’s a demanding model because you need entrepreneurial talent and people with the right level of autonomy. But it has an important advantage: we are acquiring established teams with expertise, relationships and a track record, rather than trying to build everything from scratch.
Today, our M&A platform brings together nine boutiques internationally, with five main areas of focus: financial institutions, infrastructure, private equity, tech, and corporate M&A in France.
In investment banking, the human factor and long-term trust are paramount. Our boutique partners are leaders in their fields; our role is to empower them with the institutional scale, global reach, and structural support to better serve our joint clients.
Why have financial institutions (FIG) become a particularly important part of the franchise?
Financial institutions represent around 70% of our business globally for Natixis CIB, and a significant majority of our activity is outside France – the US being our lead market. This is a sector where we have developed very deep expertise, extending beyond traditional banking into asset management, insurance, fintech and other areas of financial services.
To bring this expertise to our M&A network, the partnership with specialist boutiques is particularly powerful here. A good example is Fenchurch Advisory Partners, which has been part of Natixis CIB’s M&A network since 2018. Earlier this year (June 2026), Fenchurch announced its future combination with Broadhaven Capital Partners, a leading US financial services advisory firm. The combination is designed to strengthen our US presence and create a broader international platform dedicated to financial services.
This is exactly the type of development we are looking for: specialist expertise combined with international reach.
Where else do you see significant potential?
Infrastructure is another major pillar of our M&A strategy. Natixis CIB has a long-standing and strong position in infrastructure and project financing. That gives us a different perspective when advising clients on infrastructure transactions because we understand both the asset and the financing behind it.
This is particularly relevant in areas such as energy and digital infrastructure. The investment required for data centers, power generation and other infrastructure is enormous, and we expect this investment cycle to generate increasing opportunities for M&A and asset transactions. So, our ambition is to combine our financing expertise with specialist M&A capabilities. That allows us to support clients across the full transaction chain, from strategic advice and M&A through to debt structuring, project finance, underwriting and syndication.
In specialized sectors like infrastructure, advisory cannot exist in a vacuum. A great M&A mandate is only as strong as the financing structure behind it. Because we manage the entire transaction chain - coupling deep technical engineering with robust distribution capabilities - we provide our partners and clients with execution certainty that few can match.
What about private equity?
Our approach is to be selective. We don’t need to participate in every transaction. We want to focus on situations where we can genuinely add value and bring together our M&A and financing capabilities.
Right now, the market is still taking a selective approach, but we are seeing the beginning of a recovery in the mid-market, particularly for transactions in the €200 million to €2 billion range. Investors are concentrating on areas where they see strong structural growth, rather than pursuing transactions indiscriminately. That creates an opportunity for an adviser like Natixis CIB, with deep sector expertise and a strong understanding of financing.
Does that selectivity also apply to the geographical expansion of the business?
Absolutely. We are not trying to become a generalist M&A player in every market.
Our international expansion is driven by our clients and by areas where we believe we can build a distinctive franchise. Where we have strong infrastructure, private equity or financial institutions expertise, we can complement it with specialist M&A capabilities.
That is also why the boutique model is useful. In some markets, the best way to establish a position is to partner with or acquire a specialist team that already has the relationships and expertise we need. The objective is not simply to increase our geographic footprint. It is to build the right capabilities in the right markets.
What differentiates Natixis CIB from larger M&A competitors?
Very simply, in one word: specialization. The largest investment banks have enormous scale. We cannot, and do not need to, replicate that model. Our strategy is to identify the areas where we can be particularly strong and build leading positions there. When you are a specialist, you have to be very good at what you do.
Our other differentiator is that we are part of a full-service CIB. An M&A mandate can involve financing, debt, equity, infrastructure expertise or other capabilities. Our boutiques can draw on the wider Natixis CIB platform when that is relevant to the client.
That combination of specialist advice with the resources of a global CIB, sits at the heart of our model.
Scale is important, but agility and direct access to decision-makers are what cultivate long-term partnerships. Our clients don't just want a brand; they want elite, sector-specific expertise and senior bankers who are deeply committed to their strategic journey. That is where we differentiate ourselves.
What is the ambition for the M&A business in the years ahead?
We have already built a strong foundation, but there are always capabilities to add and markets to develop. That said, our objective is not growth for growth’s sake. We aim to continue strengthening the five areas where we believe we can differentiate ourselves: financial institutions, infrastructure, private equity, tech and French corporate M&A, while selectively expanding our international capabilities.
Our M&A business has been profitable every year, and we have continued to progress since 2021. We believe the model is proving its resilience. Ultimately, our ambition is to be a specialist M&A platform with international reach, capable of providing independent strategic advice while bringing the full capabilities of Natixis CIB to the transaction when clients need them.
