Banque Indosuez
Banque Indosuez was a French bank, the product of the 1975 merger of Banque de l'Indochine and Banque de Suez et de l'Union des mines. It was purchased by Crédit Agricole in 1996, and formed the core of what is now Crédit Agricole Corporate and Investment Bank. As of 2022, its brand survives in Indosuez Wealth Management, the Crédit Agricole group's wealth management arm.
History
In 1966, to prevent an outright takeover of military-industrial concern
Banque Indosuez was nationalized, together with its longstanding rival
Indosuez Wealth Management
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Indosuez Wealth Management is the wealth management arm of the Crédit Agricole group and perpetuates the Indosuez brand, even though it covers a much narrower market segment than Banque Indosuez used to. It is headquartered at 17 rue du Docteur Lancereaux in Paris and has offices in several financial centers, including in Geneva.
Overseas developments
In Vanuatu, Indosuez incorporated its branches in 1978 to form Banque Indosuez Vanuatu (BIV). The government of Vanuatu took a 20% stake in BIV in 1983 as BIV was performing a number of central banking functions, though it was not the monetary authority. In 1993,
In 1982, following Indosuez's nationalization, the Malaysian activities were reorganized as the Malaysian-French Bank. These were acquired by Multi-Purpose Capital Holdings Berhad in 1987, and renamed
In 1983 the government of Papua New Guinea invited foreign banks to open affiliates on condition that the foreign parent could only own 49 percent. However, it agreed that Bank of Papua New Guinea (BPNG; the central bank) would buy that portion of the remaining shares that local investors did not take up. Banque Indosuez established Banque Indosuez Niugini—49 percent Indosuez, 41.5 percent BPNG, and the remainder public. In 1997, Bank of Hawaii purchased Banque Indosuez Nuigini Ltd in Papua New Guinea from Banque Indosuez and renamed it Bank of Hawaii (PNG) Ltd.
In 1989, Banque Indosuez closed its branch at
Westpac acquired Banque de Polynésie in 1990, when Indosuez was divesting itself of almost all of its overseas retail banking operations. In New Caledonia, Westpac also acquired the operations of Banque Indosuez in 1990, but sold them in 1998 to Société Générale Calédonienne de Banque, a subsidiary of Société Générale.
The activity in Djibouti became
See also
Notes
- ^ Marc Meuleau (1990). Des pionniers en Extrême-Orient : La Banque de l'Indochine, 1875-1975. Paris: Fayard.
- ^ "Indosuez : un réveil remarqué". Le Monde. 28 May 1982.
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