Crédit Industriel et Commercial
Encyclopedia
Crédit Industriel et Commercial (CIC) is a financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
group 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...
, founded in 1859 With its parent-company, Crédit Mutuel
Crédit Mutuel
Crédit Mutuel is a major French bank, with headquarters in Strasbourg, Alsace. Its slogan is "La banque à qui parler" . It is currently run by Michel Lucas and Alain Fradin and has 7.4 million customers - roughly half of whom live in the Grand-Est, i.e...
it is the fourth largest bank in the country. CIC alone has 1,890 branches and over 24,000 employees serving over 3.6 million customers The company offers savings accounts, mortgages, and loans; it also owns stakes in specialised entities involved in private banking, asset management, leasing, securities brokerage, and property/casualty insurance.
Controversy
In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including , the sum of 384,900,000 Euros for colluding to charge unjustified fees on check processingFrench check processing fee controversy of 2010
In 2010 the French government's Autorité de la concurrence fined eleven banks €384,900,000 for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer...
, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.