Crédit Lyonnais

Crédit Lyonnais, once the most important bank in France is closely linked with the economic history of the country. 1993 the Bank focus of one of the largest banking scandals was the world and lost its independence in 2003 after the purchase by Crédit Agricole. Today, the name lives on as Le Crédit Lyonnais (short: LCL ), a subsidiary of Crédit Agricole, which includes retail banking and the branch network of the former Crédit Lyonnais; the large corporate business was transferred to Crédit Agricole CIB, also a subsidiary of the Crédit Agricole.

History

Birth and ascent

The bank was founded by Henri Germain on 6 July 1863. Together with BNP Paribas and Société Générale, Crédit Lyonnais, one of the three oldest French commercial banks ( " les trois vieilles ").

1870, the bank opened its first branch outside the country in London. 1876, the first branch was opened in Paris, which was until 1913 the headquarters of the Bank. 1880 was taken by the Crédit Lyonnais with 23 offices in Paris and Dependencen in London, Geneva, Opel and Constantine Alexandria the first rank among the French banks. 1900 was taken by the Crédit Lyonnais the world's first ranking of total assets among commercial banks.

Nationalization

After the Second World War, the four largest banks were nationalized in France, including the Crédit Lyonnais ( 1946).

The early 1970s was, inter alia, with Commerzbank founded the Euro Partners Group; from this union comes the logo Quatre Vents which led to the Crédit Lyonnais to 2003 together with Commerzbank.

From 1973, it was made possible to the employees of the Bank to acquire shares; this partial privatization in 1982 but reversed with the nationalization of the banking system under the first Mitterrand government. In the first cohabitation under the then Prime Minister Jacques Chirac (1986 - 1989) Crédit Lyonnais should be privatized, which had to be postponed but.

Expansion and collapse

Under the Board of Jean -Yves Haberer (1988 - 1993) international growth and expansion of all business units was accelerated; it was, inter alia, BfG Bank acquired the Chase Bank of Commerce in Belgium, the Credito Bergamasco and Banco San Marco in Italy, Banca Jover and Banco Comercial Espanol in Spain and especially in Germany. Similarly, the bank began about their daughters Clinvest, Clindus and SDBO an aggressive investment policy and acquired a number of risky industrial holdings. The motto of the bank was at that time: " Le pouvoir de dire oui " (the ability to say yes ). The collapse of the economy and a deep housing crisis in France in 1992 led to heavy losses, with a deficit of about 150 billion FF ( almost € 23 billion ), which required the intervention of the state in order to avoid the collapse of the bank.

Rehabilitation

The Bank finances were before the disaster by diverting their loans and obligations in a new state-owned company (bad bank), the Consortium de Réalisation ( CDR) saved. The CDR explained later willing to pay $ 525 million to the California Department of Insurance in order to prevent a legal battle over the insurance scandal at Executive Life. The CDR is a controversial foundation because many feel that the French government had the bank not to bail out.

Privatization

Since 1999, the shares are traded on the stock exchange. 50 % were in free float, 33 % belonged to a group of major investors, the French State and the rest of the employees and 10% of Crédit Lyonnais.

Acquisition by Crédit Agricole

2003 was acquired Crédit Lyonnais by Crédit Agricole. His investment banking and wholesale banking was in an existing subsidiary of Crédit Agricole, Crédit Agricole Indosuez, transferred, which was subsequently renamed Calyon (since 2010 under the name Crédit Agricole CIB).

2005, the remaining businesses of Crédit Lyonnais, was renamed consisting of the branch business in Le Crédit Lyonnais ( LCL).

Criticism

In September 2010, Crédit Lyonnais was sentenced along with ten other banks by the Conseil de la Concurrence to pay a fine in the amount of 381.1 million euros. The banks had made ​​an arrangement to the effect that they and July 2007 of its customers 4.3 cents per check fees check required by January 2002 in order to achieve extra profits. This was 80 % of the checks used in France. By 2002, the check transactions in France was free. After the intervention of the banking supervision, " unlawfully " called the gains, this practice was stopped. The banks of the cartel were also punished for excessive fees along with 3.8 million euros. Since Crédit Lyonnais had been convicted in 2000 for obstruction of competition to a penalty, the penalty was increased by another 20 %.

Investments

• From 1993 to 2000, the Bank was the majority shareholder of BfG Bank; this participation had to be sold to the Swedish SEB as part of restructuring.
• The Belgian Crédit Lyonnais was sold to the German bank in 1999.
• Crédit Lyonnais had the American MGM movie studios a few years in which Giancarlo Parretti was studio boss.

Miscellaneous

• Crédit Lyonnais is known primarily for his work as the main sponsor of the yellow jersey in the Tour de France world. Legendary cyclist like Lance Armstrong, Jan Ullrich, Joop Zoetemelk, Eddy Merckx, Fausto Coppi, Bernard Hinault, Luis Ocaña Pernia, Miguel Indurain and Raymond Poulidor wore the famous jersey. Crédit Lyonnais facilitate during the tour the tour participants with banking services in flying bank counters their business.
• During a major fire on 5 May 1996, a large part of the historic Parisian headquarters was destroyed. The fire started in the main ticket hall of the bank and was one of the most devastating fire that destroyed a building in Paris during the past 25 years. It burned for over 12 hours and two-thirds of the building were destroyed, including the sensitive bank archives and computer data.
• The very distinctive headquarters in the eastern city of Lyon is called because of its shape crayon (French for pencil).