BRED Banque populaire
Company type | Cooperative company |
---|---|
Industry | Banking, Insurance |
Founded | October 7th,1919 |
Founder | Louis-Alexandre Dagot |
Headquarters | 18, quai de la Rapée 75012 Paris , France |
Revenue | 1.456 million euros (2021) BPCE |
Subsidiaries | BCI, Banque Franco-Lao, BRED Bank Cambodia, BRED Bank Fiji, BRED Bank Solomon, BRED Bank Vanuatu, BIC BRED, BRED Gestion, COFIBRED, NJR, Prepar-Vie, Prepar-IARD, SOFIAG, SOFIDER, Vialink, Click and Trust, BFL-BRED |
Website | bred |
BRED (formerly acronym for Banque régionale d'escompte et de dépôts / Regional Discount and Deposit Bank) is one of the cooperative banks part of Groupe Banque Populaire in France. It was founded in 1919 by Louis-Alexandre Dagot in Vincennes. As of 2018, the Bank has a network of 400 local branches in France. 30% of its 6,600 employees are located outside France and in French
Presentation
Cooperative bank
BRED is governed essentially as a cooperative by the cooperative legislation enacted by the 1947 Act,[5] and as a bank, by the Monetary and Financial Code. The bank refers to the principles laid down by the International Cooperative Alliance, notably on the declaration on cooperative identity.[6] According to the International Association of Cooperative Banks (IACB), a
History
1917 – 1935 : Launch
On 17 March 1917, the French government passed a law that allowed the development of
- Montreuil in 1921
- Boissy-Saint-Léger and Fontenay in 1922
- Champigny in 1923
- Charenton, Alfortville, Saint-Mandé and Saint-Maurice (1924)
Although the Centre fédératif du crédit populaire and the Caisse centrale des banques were responsible for the supervision of the Banques populaires, their weak authority and means of action allowed the bank to develop independently at first. By 1930, the bank accounted for 365 employees compared to 3 in 1919.
1926 – 1935 : Development and economic crisis
To increase its constituency, the bank expanded to
In 1929, a bank financial report stated that ‘the Bank is clearly emerging from its role as a popular bank’. Thus, the bank changed its status from a "société coopérative de banque populaire à capital variable" to a "société coopérative de banque populaire à capital fixe", which enables it to significantly increase its capital.
On 29 July 1929, the French government launched the Chambre syndicale des Banques populaires whose role was to provide technical, administrative and financial supervision of the Banques Populaires. The Chambre syndicale helped the Banque Populaire Industrielle et Commerciale de la Région Est de Paris several times when the
On 17 March 1934, following the
1935 – 1944 : The war
Victor Girardin and André Becq (directors), Gabriel Lion (managing director) and Gilbert de Monès del Pujol (co-opted director and chairman) took over the board of directors of the bank. Its accounts – many of which had been concealed – accounted for a record of 66 million
In 1939, the bank had only 11 branches. From 1934 to 1940, the number of agents decreased from 348 to 144. The "one man, one vote" principle was abandoned so that each member now had as many votes as shares.
In November 1938, Pierre Boissou was appointed to the general management of the establishment. He then undertook a wave of layoffs, divested unprofitable agencies, re-established headquarters authority, and reinvigorated team spirit. By mid-1939, the bank was profitable again. The start of the war in 1939 caused the bank's customers to withdraw important amounts of cash and a drop in staff numbers as many young men were sent to the front. The
1945 – 1960 : Economic recovery
Following
In 1956, BRED merged with the Banque Populaire de Rouen to extend into Normandy and in 1953, it acquired the Banque Surchamp. By 1965, BRED had twelve branches et continued to expand in the suburbs.
In 1946, BRED modernized its headquarters with a Bull statistical machine. Starting in 1948, the branches were gradually equipped with
1966 – 1978 : Modernization
The
In the 1950s, faced with increased demand for personal loans, BRED developed its own credit sales financing subsidiary completely independent of the Caisse centrale. Legislation towards the Banques Populaires became more flexible, which allowed them to also offer their property loans to non-members and craftsmen. Consumer credit companies required individuals to open a direct debit account. From 1951 to 1958, the number of accounts opened at the BRED increased 76-fold. In 1967, BRED marketed their first debit cards. In 1976, 600 BRED ATMs were set up, and the bank had 22,000 customers using credit cards.
1979 – 1991 : Diversification, international development
In 1985, after the retirement of Louis Chevalier, two men took over the position of general manager: Guy de Chavanne, who directed the bank's commercial activities, and Maurice Leruth, who directed its financial activities.
BRED developed its own tools and dissociated itself from Caisse centrale to manage its increasingly important capital.[citation needed] In 1985, it took a 20% stake in the creation of Stern Bank, a treasury bank. In 1988, BRED set up its own "trading room" to manage its own treasury. This trading room handled increasingly complex products, and 60 financial engineers were hired to work there. The bank also launched into insurance savings, with Vie-Bred contracts in 1980, then the creation of Prepar in 1983, its own insurance company. In 1989, BRED managed 2 billion francs in insurance reserves. In 1982, the bank also acquired Richelieu, a securities firm, renamed Compagnie financière d'épargne et de placement (CFEP) the following year.
As part of its international development, the bank acquired part of the
During the 1980s, the branches of the network were renovated with windows open on the streets, and a new blue logo with stripes thus uniformizing the image of the bank across the country. In 1983, the entire network was equipped with financial terminals. In 1981, a telephone banking system was tested, enabling customers to bank by telephone or minitel. In 1984, "Télébred" had 200 corporate clients. In the late 1980s, all operations became tele-transmitted. However, the bank equipped its branches with microcomputers, continuing to rely on its "SIG_08", which allowed a direct connection to all databases.
From 1979 to 1991, the bank's staff increased from 2,854 to 3,367. Over the same period, the bank's capital rose from 200 million to 1.250 billion francs, and the number of members rose from 79,000 to 170,000. In 1985, BRED established itself on
In 1991, most of BRED's subsidiaries and holdings were grouped together in a newly created holding company, Cofibred. The early 1990s were rocked by HR problems. The BRED employee turnover reached 10% as management's choices were misunderstood by its employees who felt these choices did not match their image of their bank.
1992 – 1997 : Crisis and reorganization
During the 1990s, the BRED continued to develop but its cost/income ratio was higher than that of its competitors. In 1992, credit production slowed considerably. Furthermore, the bank suffered from credit margins slimming down since the
In 1992, BRED bought a part of the assets of the Pallas bank via its Holding Cofibred, BRED-Pallas Financement immobilier (BPFI). That same year, BRED accumulated a total loss of 396 million francs and BPFI alone accumulated a loss of 512 million francs.
In 1990, François-Xavier de Fournas-Labrosse, a former member of Société Générale, was appointed CEO of BRED, alongside Maurice Leruth, who did not announce his departure until 1992. That year, F.-X. de Fournas set the bank's objective for the coming years : to return to profitability. The bank then abandoned its status as a société anonyme to adopt that of a société coopérative.
Between 1993 and 1996, BRED received 1.435 billion francs from the Chambre syndicale via the Fonds collectif de garantie. With this influx of money, BRED opened the capital of several of its subsidiaries to the Groupe des Banques Populaires – Soloma (leasing), Novacrédit (consumer credit), Cofibourse, Prepar Vie (the corporate branch), Interépargne and SBE. In 1993, BPFI was dissolved and a large part of BRED's real estate portfolio was sold. In 1996, the real estate division was profitable (119 million francs), but BRED suffered a 375 million francs loss the following year. BRED also sold the Crédit liégeois to
The hyper-diversification of the 1980s gave way to a hyper-rationalisation strategy. F.-X. de Fournas focused BRED's development around its trading room, as well as on retail banking. The bank resumed its deployment in the
1998 – 2012 : Returning to growth
Natexis / Natixis
In 1996
Business Development
In December 2003, F.-X. de Fournas reached the age limit (65) and handed over the position of general manager to Jean-Michel Laty, who had made his debut at the Bics. Stève Gentili was named as successor of Michel de Mourgues as president of the group. This new BRED management pursued the objectives put in place by the former. From 1998 to 2009, the total number of clients rose from 300,000 (including 139,000 from Casden) to 659,000. The bank shifted its target to more young people, professionals, SMEs, associations and local authorities. BRED refined its offer for large companies in the management of traditional and dematerialized flows, both domestic and international, as well as in mass processing.
As BRED entered the
In 2006, the bank's commercial activities represented 52% of its net operating income, financial activities 44% and the trading room 4%. The bank's profits rose from 48 million
International Development
In September 2003, BRED signed a memorandum of understanding with
Starting in 2007, BRED relaunched its international expansion strategy, but this time with a focus on local banks in high-growth countries: acquisition of 15% of the capital of Socredo in 2007 (
2012 – Today
In September 2012, Olivier Klein replaced Jean-Michel Laty as chief executive officer of BRED.[23]
In 2013, the bank announced a net profit of 182.6 million
In 2014,
In 2016, for the second consecutive year, BRED's consolidated net banking income exceeded one billion
The same year, BRED expanded its operations in the Solomon Islands.[26]
International locations
In 2018, BRED has 6,300 employees, 30% of which are located outside France and in French overseas collectivities:[27]
- France: 400 branches
- France – ): 81 branches
- Africa (Djibouti): 13 agencies
- Oceania (New Caledonia, Vanuatu, Fiji, Solomon Islands): 37 agencies
- Asia (Laos, Cambodia): 23 agencies
Financial data
BRED has 200,000 cooperative members in 2022. For the 2021 financial year, it posted a net income of 412 million
External links
References
- ^ "Annual Report 2021" (PDF). bred.fr. April 2021. Retrieved 23 November 2021.
- ^ "Annual Report 2021" (PDF). bred.fr. April 2021. Retrieved 23 November 2021.
- ^ "Activity Report 2021". bred.fr. April 2021. Retrieved 23 November 2021.
- ^ "Activity Report 2021". bred.fr. April 2021. Retrieved 23 November 2021.
- ^ "Loi n° 47-1775 du 10 septembre 1947 portant statut de la coopération". legifrance.gouv.fr. 10 September 1947. Retrieved 14 August 2018.
- ^ "International Co-operative Alliance". ica.coop. Retrieved 14 August 2018.
- ^ "Annual Report 2021" (PDF). bred.fr. April 2021. Retrieved 23 November 2021.
- ^ "Centenaires et populaires, 100 ans de coopération et d'innovation". centenaires-et-populaires.fr. Retrieved 14 August 2018.
- ^ "100 ans d'histoire". bred.fr. Retrieved 14 August 2018.
- ^ "La BRED lance un nouveau service de certification numérique : Click & Trust". journaldunet.com. 16 March 2001. Retrieved 14 August 2018.
- ^ "AchatPro noue un partenariat avec la BRED Banque Populaire". Les Échos. France. 6 November 2000. Retrieved 14 August 2018.
- ^ "Hubwoo : finalisation de l'acquisition d'AchatPro et clôture de l'augmentation de capital". boursier.com. 2 July 2008. Retrieved 14 August 2018.
- ^ "Bred Banque Populaire lance son application mobile pour la personnalisation des cartes bancaires". francemobiles.com/. 25 July 2011. Retrieved 14 August 2018.
- ^ "L'AFD va céder ses sociétés de crédit à la BRED". Les Échos. France. 21 February 2003. Retrieved 14 August 2018.
- ^ "Banque Socredo, historique". socredo.pf. 2009. Archived from the original on 4 April 2014. Retrieved 14 August 2018.
- ^ "En aparté avec… Jean-Pierre Gianotti : Directeur Général de la BCIMR". lanationdj.com. 20 March 2014. Archived from the original on 2 April 2015. Retrieved 14 August 2018.
- ^ "Bank of Queensland plans $340m raising". The Sydney Morning Herald. 20 August 2009. Retrieved 14 August 2018.
- ^ "France's BRED sells $350 million BoQ stake". afr.com. 30 April 2015. Retrieved 14 August 2018.
- ^ "BRED bank to carve out a niche in the market". phnompenhpost.com. 3 March 2017. Retrieved 14 August 2018.
- ^ "Un directeur français nommé à la banque BRED – Fidji". tahiti-infos.com. 10 October 2014. Retrieved 14 August 2018.
- ^ a b "La BRED accélère son développement en Asie et en Océanie". Les Échos. France. 17 January 2014. Retrieved 14 August 2018.
- ^ "BRED Bank: Last day At The Retirement Expo In Suva". fijisun.com.fj. 29 April 2018. Retrieved 14 August 2018.
- ^ "Olivier Klein est nommé directeur général de la Bred Banque Populaire". agenceecofin.com. 20 September 2012. Retrieved 14 August 2018.
- ^ "Natixis va fermer sa banque de particuliers et tailler dans ses back-offices". Les Échos. France. 9 April 2014. Retrieved 14 August 2018.
- ^ "Banque : La BRED Bank Cambodia étend son réseau et son offre à la clientèle". cambodgemag.com. 17 April 2018. Archived from the original on 3 August 2018. Retrieved 14 August 2018.
- ^ "BRED Bank opens". solomonstarnews.com. 25 June 2018. Retrieved 14 August 2018.
- ^ "Annual Report". bred.fr. Retrieved 23 November 2022.
- ^ "BRED Bank Activity Report". bred.fr. 23 November 2022. Retrieved 23 November 2022.