Credit Mutuel
| Confédération Nationale du Crédit Mutuel | |
|---|---|
|
|
| Country |
 France
|
| Seat | Strasbourg |
| legal form | cooperative |
| BIC | CMUTFR21XXX |
| founding | 1882 |
| Website | www.creditmutuel.fr |
| Business data 2012 | |
| Total assets | 645.216 billion euros |
| insoles | 277.187 billion euros |
| Customer credit | 343.216 billion euros |
| Employee | 79,060 |
| Offices | 5,961 (5,362 in France ) |
| management | |
| Board | Nicolas Théry (Chairman) |
| Corporate management |
Daniel Baal |
Crédit Mutuel ( CM ; French mutuel , German for mutual) is a French cooperative bank .
It goes back to Friedrich Wilhelm Raiffeisen from the Rhineland . The first bank was opened in 1882 in Wanzenau near Strasbourg , which was then part of Germany . Since 1888, funds of this type were also created in neighboring France, from which the Union des caisses rurales et ouvrières de France (Union of rural and workers' funds, UCROF) emerged in 1893. Crédit Mutuel has existed in its current form since 1958.
Today the French Raiffeisenbank consists of 1,800 local cooperatives , which makes it the second largest bank in France in terms of the number of branches. Measured by the means, it is in fourth place. The most important subsidiary is Crédit Industriel et Commercial (CIC). The Banque Fédérative du Crédit Mutuel (BFCM) manages the equity investments and subsidiaries of the Crédit Mutuel Group.
Key figures
Crédit Mutuel manages savings deposits of EUR 469 billion and a loan portfolio of EUR 259 billion. It has equity of EUR 26.4 billion and an annual surplus of EUR 2.73 billion. Crédit Mutuel serves more than 15 million customers in 5,148 branches in France with around 59,450 employees.
Presence in Germany
In July 2008, Crédit Mutuel announced the purchase of Citibank's German branch from Citigroup . The purchase price was EUR 4.9 billion plus the profits generated in the 2008 financial year up to the date of the takeover. The purchase became legally binding at the beginning of December 2008; the “Citibank” brand continued to be used under license until February 2010. The former Citibank has been operating under the brand name Targobank since February 22, 2010 . Crédit Mutuel would like to use this name as an independent brand in Germany.
Targobank has 3.4 million private customers in Germany and over 335 sales locations.
criticism
In September 2010, Crédit Mutuel, along with ten other banks, was fined by the Conseil de la Concurrence to the amount of 381.1 million euros. The banks had made an agreement according to which they would charge their customers 4.3 cents check fees per check from January 2002 to July 2007 in order to generate extra profits. This affected 80% of the checks used in France. Check transactions in France were free until 2002. After the intervention of the banking regulator, which called the profits "illegal", this practice was stopped. The banks in this cartel were also fined for excessive fees totaling 3.8 million euros. According to the Conseil de la Concurrence, Crédit Mutuel played a leading role in the cartel, which is why its penalty was 10% higher. It was increased by a further 20%, as Crédit Mutuel had already been fined in 2000 for obstructing competition.
Web links
- Crédit Mutuel (German)
Individual evidence
- ↑ Entry in the BIC directory at SWIFT
- ↑ Annual Report 2012 (English)
- ↑ https://www.creditmutuel.fr/cmcee/de/bank/privatkunden/wir-ueber-uns/zahlen-fotos.html
- ↑ Targobank Questions and Answers ( Memento of the original from September 27, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Data and facts from the Targobank ( Memento of the original from June 5, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ Collusion in the banking sector . Press release of the Autorité de la concurrence of September 20, 2010, accessed on February 9, 2011
- ↑ French banks are supposed to pay millions in: Handelsblatt of September 21, 2010, accessed on February 9, 2011
