Groupe Caisse d'Epargne
Encyclopedia
Groupe Caisse d'Epargne is a French
semi-cooperative
banking group
, founded in 1818, with around 4700 branches
in the country. The group is active in retail and private bank
ing, as well as holding a significant stake in the publicly traded
investment bank Natixis
.
s. Along with La Banque Postale
and Crédit Mutuel
, the bank shared the rights to offer the popular Livret A savings account
s, backed by the French government
until January 1, 2009.
In addition, the group is also the owner of the mortgage bank Crédit Foncier
, the corporate and private bank
Banque Palatine
and Financière Océor, a commercial, private asset management and specialist finance bank serving France's overseas departments
.
In 2006 Groupe Caisse d'Epargne merged its investment bank IXIS Corporate and Investment Bank with Groupe Banque Populaire
's Natexis, creating Natixis
, a publicly traded investment bank in which Caisse d'Epargne and Groupe Banque Populaire currently hold an equal stake of 35.25%. Groupe Caisse d'Epargne has also since merged its private wealth management bank La Compagnie 1818 into the Natixis group.
The group is listed in the 2007 ICA
Global 300 list of mutuals and co-operatives, ranked 11th by 2005 turnover, making it the 2nd largest co-operative banking group in the world, after Crédit Agricole
. It was the fourth French bank and the twenty-fifth bank in the world by total assets in 2008.
trading loss in October 2008, which it blamed partly on the high market volatility
at the time. The group of employees responsible for making the unauthorised trades were dismissed.
with fellow mutual Groupe Banque Populaire
, in response to recent consolidation in the banking industry. Press agency AFP linked the announcement directly to the ongoing global liquidity crisis. The companies intend however to retain their separate retail banking brands and branch
networks. If the merger is completed, the enlarged company, would hold €480 billion in deposit
s and have over six million customers.
professional cycling team since 2006.
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...
semi-cooperative
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
banking group
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
, founded in 1818, with around 4700 branches
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
in the country. The group is active in retail and private bank
Private bank
Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
ing, as well as holding a significant stake in the publicly traded
Public company
This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
investment bank Natixis
Natixis
Natixis is a French corporate and investment bank created in November 2006 from the merger of the asset management and investment banking operations of Natexis Banque Populaire and IXIS ....
.
Operations
The group's most notable brand is the Caisse d'Epargne network of mutual savings bankMutual savings bank
A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, that is owned by its members who subscribe to a common fund. From this fund claims, loans, etc., are paid. Profits after deductions are shared between the members...
s. Along with La Banque Postale
La Banque Postale
La Banque postale is a French bank created on 1 January, 2006 as a subsidiary of La Poste, the national postal service.- Controversy :In 2010 the French government's Autorité de la concurrence fined eleven banks, including , the sum of 384,900,000 Euros for colluding to charge unjustified fees on...
and 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...
, the bank shared the rights to offer the popular Livret A savings account
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
s, backed by the French government
Government of France
The government of the French Republic is a semi-presidential system determined by the French Constitution of the fifth Republic. The nation declares itself to be an "indivisible, secular, democratic, and social Republic"...
until January 1, 2009.
In addition, the group is also the owner of the mortgage bank Crédit Foncier
Crédit Foncier de France
Crédit Foncier de France is a national mortgage bank of France. A subsidiary of the Groupe Caisse d'Epargne, its headquarters is located in Charenton, 100 metres outside the Paris city limits.-History:...
, the corporate and private bank
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
Banque Palatine
Banque Palatine
Banque Palatine was originally founded in 1780 in Lyon , and is therefore one of the oldest French bank still being run. It is today a full branch subsidiary of the mutual group BPCE. Its core businesses are retail banking with SMEs, private banking and asset management...
and Financière Océor, a commercial, private asset management and specialist finance bank serving France's overseas departments
Overseas departments and territories of France
The French Overseas Departments and Territories consist broadly of French-administered territories outside of the European continent. These territories have varying legal status and different levels of autonomy, although all have representation in the Parliament of France , and consequently the...
.
In 2006 Groupe Caisse d'Epargne merged its investment bank IXIS Corporate and Investment Bank with Groupe Banque Populaire
Groupe Banque Populaire
Groupe Banque Populaire is a French group of cooperative banks. It is controlled by 18 regional banks, the CASDEN Banque Populaire and the Crédit Coopératif....
's Natexis, creating Natixis
Natixis
Natixis is a French corporate and investment bank created in November 2006 from the merger of the asset management and investment banking operations of Natexis Banque Populaire and IXIS ....
, a publicly traded investment bank in which Caisse d'Epargne and Groupe Banque Populaire currently hold an equal stake of 35.25%. Groupe Caisse d'Epargne has also since merged its private wealth management bank La Compagnie 1818 into the Natixis group.
The group is listed in the 2007 ICA
International Co-operative Alliance
The International Co-operative Alliance is a non-governmental co-operative federation or, more precisely, a co-operative union representing co-operatives and the co-operative movement worldwide. It was founded in 1895. The ICA maintains the internationally recognised definition of a co-operative...
Global 300 list of mutuals and co-operatives, ranked 11th by 2005 turnover, making it the 2nd largest co-operative banking group in the world, after Crédit Agricole
Crédit Agricole
Crédit Agricole S.A. is the largest retail banking group in France, second largest in Europe and the eighth largest in the world by Tier 1 capital according to The Banker magazine. It is also part of the CAC 40 stock market index....
. It was the fourth French bank and the twenty-fifth bank in the world by total assets in 2008.
Trading loss
The company suffered a €600 million derivativesDerivative (finance)
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
trading loss in October 2008, which it blamed partly on the high market volatility
Volatility (finance)
In finance, volatility is a measure for variation of price of a financial instrument over time. Historic volatility is derived from time series of past market prices...
at the time. The group of employees responsible for making the unauthorised trades were dismissed.
Proposed merger
In October 2008 Groupe Caisse d'Epargne announced plans to mergeMergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
with fellow mutual Groupe Banque Populaire
Groupe Banque Populaire
Groupe Banque Populaire is a French group of cooperative banks. It is controlled by 18 regional banks, the CASDEN Banque Populaire and the Crédit Coopératif....
, in response to recent consolidation in the banking industry. Press agency AFP linked the announcement directly to the ongoing global liquidity crisis. The companies intend however to retain their separate retail banking brands and branch
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
networks. If the merger is completed, the enlarged company, would hold €480 billion in deposit
Deposit account
A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the...
s and have over six million customers.
Sponsorship
The group has been the title sponsor of a SpanishSpain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
professional cycling team since 2006.