Crédit Commercial de France
Encyclopedia
Crédit Commercial de France (CCF) was a commercial bank
in France
, headquartered in Paris
, avenue des Champs-Élysées
. It became a wholly owned subsidiary of HSBC
in April 2000, and was renamed HSBC France on 1 November 2005.
Able to trace its origins in banking as far back as 1858, by the end of the 1920s the bank had grown to be the sixth largest in France.
in 1936. Both men’s valuable contributions to the French economy were recognised when they were made chevaliers of the Légion d’honneur. In the 80s the board discussed to bring Benjamin Rossier's grand nephew Jacques Rossier into the bank but discussions never materialized and Jacques Rossier became later senior partner of the private bank Hentsch & Cie in Geneva, Switzerland.
From its early days, Banque Suisse et Française took an active interest in commerce
and industry
. A successful working relationship was developed with the Paris department store
Galeries Lafayette
. The bank also helped fund the construction of the new Métropolitain underground system
and the installation of public lighting in the capital. The early success of the business led to considerable expansion. The number of employees rose tenfold by the turn of the century, and the bank moved to larger headquarters at 20, rue La Fayette. From 1912, the bank began to develop a branch network, with 14 offices opening in Paris and a first provincial office in Lille
. An office was also acquired in Marseilles when the business of Banque du Colombier was taken over in 1914.
-based Maison Aynard et Fils and Caisse de Crédit de Nice. Maison Aynard et Fils had started out as a drapers’ company in the early 18th century, before turning to banking in 1858. Established in 1865, Caisse de Crédit de Nice had opened a number of branches along the Mediterranean coast and in Italy
. The resulting business adopted the name Crédit Commercial de France (CCF). Two years later, the business of the Banque de Bordeaux was also acquired.
In 1922, the bank’s central management and main services were transferred to 103, avenue des Champs-Élysées. Still the headquarters of the bank today, these former hotel
premises offered a prestigious location from which CCF consolidated its standing on the French banking scene. The company continued to expand through the acquisition of other banks and, by the end of the decade, it had become the sixth largest bank in France.
In the 1960s, during the chairmanship of Jacques Merlin, CCF embarked upon a policy of
considerable expansion, with the number of branches rising to more than 200. The bank’s industrial affairs department and international department were also founded during this period. In 1979, the long-running advertising campaign
, The Bank of success, was launched, which boosted the number of shareholders from 17,000 to 34,000. Three years later, the bank was nationalised by the French government but this decision was later reversed and CCF was privatised once again in 1987.
for the first time. The acquisition enabled HSBC to establish a position in one of the main European markets, and to build a strong platform in the euro zone. CCF has continued to expand with the purchase of Banque Pelletier (2000) and Banque Hervet (2001).
CCF SA became HSBC France on 1 November 2005, rebranding its operations as HSBC along with subsidiary companies UBP, Banque de Picardie and Banque Hervet.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, headquartered in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
, avenue des Champs-Élysées
Champs-Élysées
The Avenue des Champs-Élysées is a prestigious avenue in Paris, France. With its cinemas, cafés, luxury specialty shops and clipped horse-chestnut trees, the Avenue des Champs-Élysées is one of the most famous streets and one of the most expensive strip of real estate in the world. The name is...
. It became a wholly owned subsidiary of HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
in April 2000, and was renamed HSBC France on 1 November 2005.
Able to trace its origins in banking as far back as 1858, by the end of the 1920s the bank had grown to be the sixth largest in France.
Origins of CCF
Ernest Méjà and Benjamin Rossier founded Banque Suisse et Française at 27, rue Laffite, Paris, on 1 July 1894. They had previously worked together for Banque Fédérale S.A. and their new firm began by taking over the business of the Swiss bank’s Paris branch. Méjà remained as joint managing director of the bank with Rossier until his death in 1910. Rossier then continued to run the bank until his retirementRetirement
Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours.Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions don't allow the person to...
in 1936. Both men’s valuable contributions to the French economy were recognised when they were made chevaliers of the Légion d’honneur. In the 80s the board discussed to bring Benjamin Rossier's grand nephew Jacques Rossier into the bank but discussions never materialized and Jacques Rossier became later senior partner of the private bank Hentsch & Cie in Geneva, Switzerland.
From its early days, Banque Suisse et Française took an active interest in commerce
Commerce
While business refers to the value-creating activities of an organization for profit, commerce means the whole system of an economy that constitutes an environment for business. The system includes legal, economic, political, social, cultural, and technological systems that are in operation in any...
and industry
Industry
Industry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...
. A successful working relationship was developed with the Paris department store
Department store
A department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories...
Galeries Lafayette
Galeries Lafayette
- History :In 1893 Théophile Bader and his cousin Alphonse Kahn opened a fashion store in a small haberdasher's shop at the corner of rue La Fayette and the Chaussée d'Antin, Paris. In 1896, the company purchased the entire building at n°1 rue La Fayette and in 1905 the buildings at n°38, 40 et...
. The bank also helped fund the construction of the new Métropolitain underground system
Paris Métro
The Paris Métro or Métropolitain is the rapid transit metro system in Paris, France. It has become a symbol of the city, noted for its density within the city limits and its uniform architecture influenced by Art Nouveau. The network's sixteen lines are mostly underground and run to 214 km ...
and the installation of public lighting in the capital. The early success of the business led to considerable expansion. The number of employees rose tenfold by the turn of the century, and the bank moved to larger headquarters at 20, rue La Fayette. From 1912, the bank began to develop a branch network, with 14 offices opening in Paris and a first provincial office in Lille
Lille
Lille is a city in northern France . It is the principal city of the Lille Métropole, the fourth-largest metropolitan area in the country behind those of Paris, Lyon and Marseille. Lille is situated on the Deûle River, near France's border with Belgium...
. An office was also acquired in Marseilles when the business of Banque du Colombier was taken over in 1914.
The Creation and Development of CCF
In January 1917, the bank’s shareholders approved a proposed merger with the LyonLyon
Lyon , is a city in east-central France in the Rhône-Alpes region, situated between Paris and Marseille. Lyon is located at from Paris, from Marseille, from Geneva, from Turin, and from Barcelona. The residents of the city are called Lyonnais....
-based Maison Aynard et Fils and Caisse de Crédit de Nice. Maison Aynard et Fils had started out as a drapers’ company in the early 18th century, before turning to banking in 1858. Established in 1865, Caisse de Crédit de Nice had opened a number of branches along the Mediterranean coast and in Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
. The resulting business adopted the name Crédit Commercial de France (CCF). Two years later, the business of the Banque de Bordeaux was also acquired.
In 1922, the bank’s central management and main services were transferred to 103, avenue des Champs-Élysées. Still the headquarters of the bank today, these former hotel
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
premises offered a prestigious location from which CCF consolidated its standing on the French banking scene. The company continued to expand through the acquisition of other banks and, by the end of the decade, it had become the sixth largest bank in France.
In the 1960s, during the chairmanship of Jacques Merlin, CCF embarked upon a policy of
considerable expansion, with the number of branches rising to more than 200. The bank’s industrial affairs department and international department were also founded during this period. In 1979, the long-running advertising campaign
Advertising campaign
An advertising campaign is a series of advertisement messages that share a single idea and theme which make up an integrated marketing communication...
, The Bank of success, was launched, which boosted the number of shareholders from 17,000 to 34,000. Three years later, the bank was nationalised by the French government but this decision was later reversed and CCF was privatised once again in 1987.
CCF joins the HSBC Group
CCF was operating with 650 branches and assets of €69 billion by the end of the 20th century. In April 2000, HSBC Holdings plc announced its intention to acquire the bank and the deal was completed in July. That month, HSBC Holdings plc was listed on the Paris Stock ExchangeEuronext
Euronext N.V. is a pan-European stock exchange based in Amsterdam and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. In addition to equities and derivatives markets, the Euronext group provides clearing and information services...
for the first time. The acquisition enabled HSBC to establish a position in one of the main European markets, and to build a strong platform in the euro zone. CCF has continued to expand with the purchase of Banque Pelletier (2000) and Banque Hervet (2001).
CCF SA became HSBC France on 1 November 2005, rebranding its operations as HSBC along with subsidiary companies UBP, Banque de Picardie and Banque Hervet.