NewB, the “ethical” bank whose project was drawn up following the financial crisis and the debacle of the big banks, did not manage to raise the 40 million euros demanded by the National Bank on September 30 to continue his activities, L’Echo reported on Wednesday.
For the president of the banking cooperative NewB, Bernard Bayot, contacted by the RTBF, all is not however finished for NewB. “NewB is absolutely not finished. It is a bank which is in full operation and which continues to serve its customers day by day”, he reacted.
Bernard Bayot confirms that the bank is looking for funds, 40 million euros, and that it does not have them yet. “For the rest of the operations, that is to say the next four years, we need new capital which we have estimated at 40 million euros. We expect to find it in order to be able to continue our activity”explained Bernard Bayot.
The management of NewB was to take stock this week with the National Bank on its situation. “Everything is done in permanent contact with the National Bank. They are informed day by day of the situation”Bernard Bayto explained to us.
Last week, the “sustainable” bank had mobilized its cooperators and supporters, urging them to express their support. 37,060 people and 110 organizations showed their support. The bank was indeed facing a major deadline, while it is struggling to convert its sympathy capital (with nearly 120,000 cooperators and several organizations such as unions or NGOs) to reach a larger number of customers. Currently, NewB has approximately 20,000 customers.
Of the 40 million euros to be collected by September 30, NewB counted and still counts on an intervention by the public authorities. The Brussels Region and the Walloon Region have been contacted. In Brussels, Secretary of State Barbara Trachte had proposed injecting one million euros into NewB. However, at this stage, neither the Walloon Region nor the Brussels Region have officially decided to intervene. This will depend on the budgetary work in progress and the trade-offs to be made in the preparation of the 2023 budget.
On the side of NewB, we are still counting on support from the Walloon and Brussels governments, according to Echo. “We are continuing to contact both private and public investors to achieve this”, specified Bernard Bayot. The intervention of the Walloon and Brussels public authorities would also be likely to convince other investors to join the dance. The president of NewB explained to us that the contacts made with the prospective investors were not yet at the level of the conclusions.
“Depending on the results, we will assess how we can assess,” said Bernard Batyot. The 40 million euros on which NewB is counting are intended to support the bank for the next four years and “develop a credit activity”. “Banks must have capital to attract loans. NewB has big ambitions, particularly in terms of energy performance and therefore we need capital today to enable the renovation of thousands of homes in Wallonia and Brussels” , Bernard Bayot told RTBF.
At RTBF, Bernard Bayot explained that “all the scenarios are on the table”, hoping that “private and public investors take their responsibilities and ensure that the bank can continue”. “It is not guaranteed today, indeed”, added Bernard Bayot, saying despite everything “confident that we can make it happen”.
According to L’Echo, NewB will hold a general meeting of its members in the first half of December. This will confirm either the end of NewB or the continuation of activities, specifies the economic daily. A possible scenario would be the reorientation towards a project that does not require a banking license.