Groupe Caisse d'Épargne
Natixis | |
Website | caisse-epargne.fr |
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Groupe Caisse d'épargne (lit. 'Savings Bank Group') was a group of French
The group was active in
History
The first French savings bank (
The Caisses d'Épargne were not fully-fledged banks, since they were not allowed to lend. Their legal status, under successive national savings banks laws starting in 1829, was of idiosyncratic private-sector establishments that were never associations nor commercial companies, governed by boards of co-opted volunteers. The deposits they collected were invested in government bonds. The
By 1881, there were 542 local Caisses d'Épargne in the country. That year, the French government decided create the
In 1983, new legislation created a central financial entity or "national center", the Centre national des caisses d'épargne et de prévoyance (CENCEP). In 1992, CENCEP was replaced by the Caisse Nationale des Caisses d'Épargne (CNCE), which unlike CENCEP was a licensed bank. In 1999, new legislation transformed the savings banks into cooperatives. These developments paved the way for the gradual transformation of the decentralized network of savings banks into an increasingly integrated universal banking group in the next decade.
In July 1999, CNCE acquired majority ownership of Crédit Foncier de France. Also in 1999, France's Caisse des dépôts et consignations (CDC) formed a commercial and investment banking subsidiary, CDC IXIS. In 2001, CNCE and CDC formed a joint venture, Eulia, to which CDC contributed CDC IXIS. In June 2004, CNCE took full control of Eulia and therefore also of CDC IXIS, which it renamed Ixis. Between 2003 and 2008 CNCE separately acquired the French subsidiary of Sanpaolo IMI, including the former Banque Vernes and French operations of the Banque Française Commerciale, and made it its private banking subsidiary under the new brand Banque Palatine adopted in June 2005.
In 2006 the two groups, Caisse d'Épargne and fellow mutual
Natixis, however, soon suffered from poor capital allocation and risk management choices in the context of the
In October 2008 Groupe Caisse d'épargne announced plans to merge with Groupe Banque Populaire, in response to recent consolidation in the banking industry.
Groupe Caisse d'épargne completed its merger with the BFBP (Banque fédérale des banques populaires) in July 2009, and became
Operations
The group's most notable brand is the Caisse d'épargne network of
In addition, the group is also the owner of the mortgage bank
In 2006 Groupe Caisse d'épargne merged its
The group is listed in the 2007
The company suffered a €751 million derivatives trading loss in October 2008, which it blamed partly on the high market volatility at the time.[8] The group of employees responsible for making the unauthorised trades was dismissed.[12]
Sponsorship
The group was the title sponsor of a
The group is a sponsor of the French Handball Federation.
Gallery
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Caisse d'épargne, Amiens
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Caisse d'épargne, Bordeaux
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Caisse d'épargne, Chambéry
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Caisse d'épargne, Dijon
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Caisse d'épargne, Fontainebleau
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Caisse d'épargne, Moulins
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Caisse d'épargne, Orléans
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Hôtel Bullion , seat of the Caisse d'Épargne de Paris from 1844
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Caisse d'épargne, Reims
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Caisse d'épargne, Saint-Flour
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Caisse d'épargne, Sens
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Caisse d'épargne, Strasbourg
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Caisse d'épargne, Vesoul
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Former head office of Crédit Foncier at 19, rue des Capucines
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Hotel de Richepanse at 3–5, rue Masseran, former head office of CENCEP, CNCE and Eulia
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Head office of Natixis in 2007, near the Gare de Lyon
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Former seat ofSchneider et Cieat 42, rue d'Anjou in Paris, since December 2007 head office of Banque Palatine
References
- ^ Dilek Bülbül, Reinhard H. Schmidt & Ulrich Schüwer (September 2013), "Caisses d'épargne et banques coopératives en Europe", Revue d'économie financière (111(3))
- ^ a b c Carole Christen-Lécuyer (2004), "Histoire des Caisses d'épargne en France. 1818-1881. Une étude sociale", Revue d'histoire du XIXe siècle (28)
- ^ Patrice Baubeau, Eric Monnet, Angelo Riva, and Stefano Ungaro (2018), Flight-to-safety and the Credit Crunch: A new history of the banking crisis in France during the Great Depression (PDF), Banque de France
{{citation}}
: CS1 maint: multiple names: authors list (link) - ^ AFP (19 October 2008). "A la Caisse d'épargne, des demi-démissions". Libération.
- ^ CercleFinance.com (6 March 2009). "Natixis : F. Pérol nommé président du conseil de surveillance". BFM Bourse.
- ^ Laura Berny (30 April 2009). "Les têtes continuent de tomber dans les banques". Les Echos.
- ^ Agence France Presse. 8 October 2008. Archived from the originalon 2011-05-20. Retrieved 2008-10-17.
- ^ a b "French bank admits trading loss". BBC News. 17 October 2008. Retrieved 2008-10-17.
- ^ "BPCE Official corporate presentation". BPCE. Archived from the original on 2012-11-16. Retrieved 2012-12-05.
- International Co-operative Alliance.[permanent dead link]
- ^ "Top 50 Banks in the World". Bankersalmanac.com. 29 October 2008. Retrieved 2008-12-20.
- ^ Saltmarsh, Matthew (17 October 2008). "French lender uncovers €600 million loss on unauthorized trading". International Herald Tribune. Retrieved 2008-10-17.
External links
- Groupe Caisse d'épargne official site (in French)
- Natixis official site (in French)
- Jban official site (in French)