Crédit Du Nord

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Crédit Du Nord

 

a large French commercial deposit bank. Founded in 1848 as the Lille Accounting Office, it was reorganized in 1866 into the Industrial Credit and Deposit Bank of Lille, and in 1884 it received the name Credit du Nord. The board is in Lille, and the main office is in Paris. As a result of the absorption of a number of local banks, Credit du Nord turned into the largest regional bank in France, with a broad network of branches (400 in 1971) in the northern departments. Only a few branches are located in southern wine-growing areas. In contrast to the other large deposit banks of France, which seek to cover the entire country, Credit du Nord has concentrated on serving the north, where a wealth of natural resources is combined with a developed, diverse economy, including coal, metallurgy, chemicals, textiles, and food. It has a subsidiary bank for long-term credit in Paris (Union Bancaire du Nord) and two subsidiary banks in Belgium with 14 branches. The balance total of Crédit du Nord on Jan. 1, 1973, was 9.7 billion francs, with capital and reserves of 235 million, deposits of 6.7 billion, discount and loan transactions of 5.3 billion, and securities of 1 billion.

K. A. SHTROM

References in periodicals archive ?
Severin Cabannes, already deputy CEO, will take the responsibility for GBIS and three new deputy-CEOs have been appointed: Diony Lebot, the current Chief Risk Officer, will supervise control functions (risks, finance and compliance); Philippe Heim, the current CFO, will be in charge of IRBFS and Philippe Aymerich, current CEO of the French subsidiary Credit du Nord, will take the responsibility for French retail banking and IT.
Frederic Oudea will be supported by four Deputy CEOs with banking expertise and complementary career experience: Diony Lebot, currently Group Chief Risk Officer, is appointed Deputy CEO, in charge of the control functions; Philippe Aymerich, currently CEO of Credit du Nord, is appointed Deputy CEO, in charge of French Retail Banking activities and their Innovation, Technology & IT department, as well as Group resources; Severin Cabannes, currently Deputy CEO in charge of control functions and Group resources takes over supervision of the Global Banking and Investor Solutions activities; Philippe Heim, currently Chief Financial Officer, is appointed Deputy CEO, in charge of International Retail Banking activities, Financial Services and Insurance.
The FN says Societe Genera leclosed its accounts in November and that when the central bank ordered a subsidiary, Credit du Nord, to manage an account for the party, the bank refused to process cheque and credit card payments.
Roy began his career at Credit du Nord in the International division in 1983.
Companies Mentioned in this Report: Credit Du Nord SA, Allianz Banque, Credit Agricole S.A., Boursorama SA, BNP Paribas SA
Credit du Nord, HSBC France, Mediobanca and Societe Generale (EPA:GLE) served as mandated lead arrangers for the five-year loan and CIC Nord-Ouest helped in the capacity of arranger.
Societe Generale (incl three banks in the Credit du Nord group and the Czech Komercni bank)
The association will provide a commercial banking platform and associated functions, until the end of 2012 by Credit du Nord, a unit of Societe Generale (SocGen) (SOGN.PA) (OTC: SCGLY) (GLE.FR).
French banking group Credit du Nord said on Wednesday it had concluded the takeover of local regional bank Societe Marseillaise de Credit from BPCE group for EUR872m (USD1.2bn).
Executives of General Dynamics revealed they had paid generous sums to Eung-Yul Yoon, a retired South Korean Air Force general, for "consulting services." Although that was not particularly unusual, the executives could not reasonably explain why the payments, including a check for $220,000, had been deposited in credit du Nord, a Paris bank.
Additionally, Bernardo Sanchez Incera will succeed Jean-Francois Sammarcelli as chairman of the board of directors of Credit du Nord; Severin Cabannes will remain in his position as deputy chief executive officer with the same scope of supervision (Finance, Risk, Resources, Global Banking and Investor Solutions).