ARCO Group
Encyclopedia
ARCO Group is a Belgian
cooperative
holding
, and part of the Catholic
workers organisation ACW. The group has more than 900,000 shareholders and a capital
of 4.5 billion euro
. Arcofin invests in the financial sector and Auxipar mainly invests in basic and utility service sectors (Elia, SPGE, Belgacom
, Telenet
, GIMV
), and real estate (Retail Estates). In addition the group participates in the cooperative roganisations Hefboom and Crédal and the non-profit organisations Procura and Syneco. Francine Swiggers
is Chairman of the Management Board of the ARCO Group, she succeeded Rik Branson.
In 1945 the LVCC, together with the verbondelijke coöperatieve vennootschappen is embedded within the ACW. LVCC will acquire shares in publishing, printing, and travel companies. In 1974, the investment company Auxipar is established and in 1983 Coplus (forerunner of Arcoplus).
In 1990 the LVCC is restructured and renamed Arcofin CV. As a result of the reorganisation, 28 cooperative corporations are merged and the resulting group is named ARCO Group. In 1997, ARCO Group prepares for the takeover of Paribas (Belgium, Netherlands
) by BACOB
. In 1999 the financial and insurance activities are group in the Artesia Banking Corporation and in 2001 Arcofin gives its shares in Artesia Banking Corporation to Dexia
in return for shares of Dexia.
In 2010 it suffers substantial losses as a result of a restructuring and part nationalisation of Dexia, as a result of which it's stock holding in said bank. story still evolving but La Libre Belgique quantifies the losses to 20 M€.
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
cooperative
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
holding
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
, and part of the Catholic
Catholic
The word catholic comes from the Greek phrase , meaning "on the whole," "according to the whole" or "in general", and is a combination of the Greek words meaning "about" and meaning "whole"...
workers organisation ACW. The group has more than 900,000 shareholders and a capital
Financial capital
Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e. retail, corporate, investment banking, etc....
of 4.5 billion euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
. Arcofin invests in the financial sector and Auxipar mainly invests in basic and utility service sectors (Elia, SPGE, Belgacom
Belgacom
The Belgacom Group is the largest telecommunications company in Belgium, headquartered in Brussels. Belgacom Group is primarily state owned, with the Belgian state holding 53.3% + 1 share...
, Telenet
Telenet
Telenet was a commercial packet switched network which went into service in 1974. It was the first packet-switched network service that was available to the general public. Various commercial and government interests paid monthly fees for dedicated lines connecting their computers and local...
, GIMV
GIMV
Gimv is a European investment company with experience in private equity and venture capital. The company is listed on Euronext Brussels. Gimv currently manages around EUR 2.0 billion of assets ....
), and real estate (Retail Estates). In addition the group participates in the cooperative roganisations Hefboom and Crédal and the non-profit organisations Procura and Syneco. Francine Swiggers
Francine Swiggers
Francine Swiggers is a Belgian businesswoman and since 1 November 2007 she is Chairman of the Management Board of the ARCO Group.She obtained a licentiate in Applied Economic Sciences and Master in Business Administration at the Katholieke Universiteit Leuven . She started her career at the BACOB...
is Chairman of the Management Board of the ARCO Group, she succeeded Rik Branson.
History
In 1935 the Landelijk Verbond van Christelijke Coöperaties (LVCC) (E: Rural League of Christian Cooperations) was established. The LVCC later became shareholder of Catholic organisations such as the Welvaart (E: Prosperity) grouping of cooperative shops, the BAC-Centrale Depositokas and the Antwerpse Volksspaarkas, De Volksverzekering and the Centre for insurance of risks of Christian working-class familiesIn 1945 the LVCC, together with the verbondelijke coöperatieve vennootschappen is embedded within the ACW. LVCC will acquire shares in publishing, printing, and travel companies. In 1974, the investment company Auxipar is established and in 1983 Coplus (forerunner of Arcoplus).
In 1990 the LVCC is restructured and renamed Arcofin CV. As a result of the reorganisation, 28 cooperative corporations are merged and the resulting group is named ARCO Group. In 1997, ARCO Group prepares for the takeover of Paribas (Belgium, Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
) by BACOB
Dexia
Dexia N.V./S.A., also referred to as the Dexia Group, is a Belgian-French financial institution active in public finance, providing retail and commercial banking services to individuals and SMEs, asset management, and insurance...
. In 1999 the financial and insurance activities are group in the Artesia Banking Corporation and in 2001 Arcofin gives its shares in Artesia Banking Corporation to Dexia
Dexia
Dexia N.V./S.A., also referred to as the Dexia Group, is a Belgian-French financial institution active in public finance, providing retail and commercial banking services to individuals and SMEs, asset management, and insurance...
in return for shares of Dexia.
In 2010 it suffers substantial losses as a result of a restructuring and part nationalisation of Dexia, as a result of which it's stock holding in said bank. story still evolving but La Libre Belgique quantifies the losses to 20 M€.