Crédit Lyonnais

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Crédit Lyonnais

 

one of the three largest commercial banks in France. It is the second largest bank in the French system and the 16th largest in the world (1972).

The Crédit Lyonnais was founded in 1863 in Lyon. In its early days it was involved in speculative promotions and functioned primarily as a deposit bank. It was nationalized on Jan. 1, 1946. The board of directors of the Crédit Lyonnais, which is confirmed by the government of France, continues to include representatives of the financial oligarchy and the monopolies. In addition to deposit and domestic credit operations, the bank issues securities, primarily for the government sector of France, and it credits French foreign trade (including trade with the USSR and the other socialist countries). In 1971 the Crédit Lyonnais and other large French banks founded a joint Franco-Rumanian bank.

In the late 1960’s the links of the Crédit Lyonnais with international financial monopolies were strengthened. In 1967 the bank participated in the formation of the international European Medium-term Credit Bank (since Dec. 14, 1973, the European Credit Bank); it was a stockholder until 1972. In 1970 the Union of Arab and French Banks was formed at the initiative of the Crédit Lyonnais (which became owner of 40 percent of the capital of the union), and in the same year the bank concluded an agreement on cooperation and coordination of operations with the Commerz Bank of the Federal Republic of Germany (FRG). In 1971 it concluded a similar agreement with the Bank of Rome, and in 1972 it reached an agreement on cooperation with Lloyds Bank.

The Crédit Lyonnais has about 2,000 branches in the country, about 1,000 branches abroad, and representatives in the financial centers of the largest countries of the world, including a Moscow office since 1972. In many countries of the western hemisphere and Asia the Crédit Lyonnais shares offices with the Commerz Bank and the Bank of Rome. In 1960 the African branches of the Crédit Lyonnais were reorganized into local banks, with the

Crédit Lyonnais holding 49 percent of their capital. The bank has 17 subsidiary banks in the countries of the franc zone, three in Latin America, and one each in Dubayy, Iran, Lebanon, Nigeria, and Portugal. On Jan. 1, 1973 the overall balance total of the bank was 92.7 billion French francs, with 900 million in fixed capital and reserves, 75.1 billion in deposits, and 56.8 billion in loans and account transactions.

K. A. SHTROM

References in periodicals archive ?
In January 2000, he joined the structured real estate finance team of Credit Lyonnais in Paris where he was directly involved in the LBO of France's largest developer in 2000.
Tapie sued the state for compensation after selling his stake in sports company Adidas to Credit Lyonnais in 1993.
The payment was made to Bernard Tapie in a dispute with state-owned bank Credit Lyonnais over the botched sale of sportswear company Adidas.
The cash payout to Tapie, who served a prison sentence for match-fixing during his time as the president of France's biggest football club, Olympique Marseille, related to a dispute between the businessman and partly state-owned bank Credit Lyonnais over his 1993 sale of sports group Adidas.
The arbitration deal in 2008 gave about PS342million to Bernard Tapie to settle a dispute with the Credit Lyonnais bank over the botched sale of Adidas in the 1990s.
The case goes back to 1993 when Tapie, a colourful and often controversial character in the French business and sports world, sued the state for compensation after selling his stake in sports company Adidas to then state-owned bank Credit Lyonnais.
Lagarde is suspected of misusing public funds when she overruled objections from advisers in 2007 to go ahead with arbitration between Bernard Tapie, a former minister of city affairs, and the collapsed bank Credit Lyonnais, which was formerly state-owned.
Lagarde is the target of the investigation for "complicity in forgery and embezzlement of public funds," she decided in 2008 to use arbitration to settle a dispute between Tycoon Bernard Tapie and Credit Lyonnais on the acquisition of Adidas when she was France's finance minister under Nicolas Sarkozy's administration.
Peter Bart's column marking the 20th anniversary of Giancarlo Parretti's ill-fated foray at MGM, using funding from France's Credit Lyonnais bank (Sometimes a Roaring Silence Is Best), stirred reflection on where the storied Lion might be today had it had better management in the intervening years.
Lagarde, 57, was finance minister in the conservative government led by Sarkozy's former political adviser Francois Fillon in 2008 when Tapie won a settlement with part state-owned bank Credit Lyonnais.
The investigation concerns Lagarde's 2007 decision to order a panel of judges to arbitrate on the fallout from a dispute between disgraced tycoon Bernard Tapie and the collapsed bank Credit Lyonnais. The arbitration resulted in Tapie being awarded around 400 million euros ($500m).
He started off his career as an Investment Manager at World Invest/Bank of America in London and has also served as the CEO of AKD Securities and COO, Emerging Europe for Credit Lyonnais Securities.