Groupe Banque Populaire

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Groupe Banque Populaire
Founded1878
Defunct31 July 2009
FateMerger with Groupe Caisse d'Épargne
SuccessorGroupe BPCE
Headquarters
Paris
,
France
Number of employees
34,500
Websitewww.banquepopulaire.fr

Banque Populaire (lit. 'People's Bank') was a French group of cooperative banks, with origins in the European cooperative movement. In 2009, it merged with Groupe Caisse d'Épargne to form Groupe BPCE.

History

Groupe Banque Populaire started in 1878 with the foundation of the first local "people's bank" (French: banque populaire) in the western French city of Angers. In 1917, new legislation established the local Popular Banks' cooperative status and in 1921, another legislative act established a central financial entity, the Caisse centrale des Banques populaires (CCBP).

In 1919, the French state sponsored the creation of

portmanteau
of national and extérieur.

The CCBP purchased Natexis in 1998, and renamed it

Natexis Banques Populaires. In 1999, the CCBP was replaced by a new banking entity, the Banque fédérale des banques populaires [fr] (BFBP). Natexis Banques Populaires purchased Coface in 2002. That same year, cooperative bank the Crédit coopératif [fr
] joined the Banque Populaire network.

By the mid-2000s the central entity BFBP was controlled by 15 independent regional banks and also operated CASDEN and Crédit Coopératif as subsidiaries. In 2006, Groupe Banque Populaire and fellow mutual

portmanteau of Natexis and Ixis. Natixis went through an initial public offering
on 25 October 2006, after which BFBP and CNCE (the central entity of Groupe Caisse d'Épargne) each owned 35 percent of its equity capital, the rest being free float.

Natixis, however, soon suffered from poor capital allocation and risk management choices in the context of the

Financial crisis of 2007–2008, including on investments into Bernie Madoff's funds. Key executives had to resign or were sacked: Nicolas Mérindol and Charles Milhaud [fr], respectively CEO and chairman of CNCE, on 19 October 2008;[2] Bernard Comolet [fr] and Bruno Mettling, respectively chairman of Natixis and CEO of BFBP, on 6 March 2009;[3] and Dominique Ferrero [fr], CEO of Natexis, on 29 April 2009.[4]

Partly because of the Natixis fiasco, in October 2008 Groupe Banque Populaire announced plans, since approved by the

French government, to merge with Groupe Caisse d'Epargne.[5] The companies merged in 2009 to form the Groupe BPCE[6] and retain their separate retail banking brands and branch networks. Banque Populaire's chief executive officer Philippe Dupont was selected to head the enlarged company.[5]

As of December 2008, Banque Populaire had 3,460,000 shareholders, 9,400,000 customers, 3,391 branches in France, and a presence in 70 countries.[citation needed]

  • Entrance of the building at 115, rue Montmartre in Paris, former head office of Caisse Centrale des Banques Populaires
    Entrance of the building at 115, rue Montmartre in Paris, former head office of Caisse Centrale des Banques Populaires
  • Former head office of Crédit National at 45–47, rue Saint-Dominique in Paris
    Former head office of Crédit National at 45–47, rue Saint-Dominique in Paris
  • Former head office of Banque Française du Commerce Extérieur at 21, boulevard Haussmann in Paris
    Former head office of Banque Française du Commerce Extérieur at 21, boulevard Haussmann in Paris
  • Le Ponant building in Paris, former head office of Banque Fédérale des Banques Populaires
    Le Ponant building in Paris, former head office of Banque Fédérale des Banques Populaires
  • Head office of Natixis in 2007, near the Gare de Lyon
    Head office of Natixis in 2007, near the Gare de Lyon

See also

References

  1. ^ "Restructuration et construction d'un ensemble immobilier à usage de bureaux 115/121, rue Montmartre - 75002 Paris". Braun+associés architectes. 2017.
  2. ^ AFP (19 October 2008). "A la Caisse d'épargne, des demi-démissions". Libération.
  3. ^ CercleFinance.com (6 March 2009). "Natixis : F. Pérol nommé président du conseil de surveillance". BFM Bourse.
  4. ^ Laura Berny (30 April 2009). "Les têtes continuent de tomber dans les banques". Les Echos.
  5. ^
    Agence France Presse. 8 October 2008. Archived from the original
    on 20 May 2011. Retrieved 2008-10-17.
  6. New York Times
    . 26 August 2009.

External links

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