Our proud history

1859

Imperial Decree

Société Générale de Crédit Industriel et Commercial is founded on May 7 by imperial decree of Napoléon III.

1871

The Origins

An enterprising group of bankers and entrepreneurs from Basel establish the Banque d’Alsace et de Lorraine (BAL) in Strasbourg. In 1909 the first banking counter opens in Basel and BAL since establishes itself as a universal bank with eight locations in all Swiss language regions. In 2008 it is renamed Bank CIC (Switzerland) Ltd.

1882

A Financial Cooperative

Crédit Mutuel is founded as a credit union “a la Francaise”. As a member-owned financial cooperative its purpose is to promote thrift, offer credit at competitive rates and provide comprehensive financial services to its clients.

1918
to
1929

Unification

CIC takes equity stakes in regional banks: Banque Dupont, Banque Scalbert, Crédit Havrais, Crédit de l’Ouest, etc. In 1929, Union des Banques Régionales pour le Crédit Industriel (UBR) is created, unifying 18 regional and local banks. CIC founds Société de Secours Mutuels in the same year.

1930
to
1970

Expansion

CIC and its regional banks undergo a period of expansion. In 1968, the Suez-Union des Mines group takes control of CIC.

1982
to
1984

Nationalisation

CIC along with nine regional banks are nationalised. This leads to the creation of a holding company for the group and the introduction of a new shareholder, The Groupe des Assurances Nationales (G.A.N.).

1984
Singapore Presence

Singapore Presence

The CIC group expands to Asia Pacific with the establishment of the Singapore branch.

1984

Corporate Finance

CIC Singapore began its corporate financing activities in the Asia Pacific region, adopting a client-centric business model that provides customised and innovative solutions to meet clients’ financing and investment needs. 

1995

Structured Finance

The establishment of the Structured Finance (starting with Project Finance) business line specialising in providing long-term support to clients, best-in-class financing solutions, and expert risk management advice.

1996

Privatisation

The French government privatises the CIC group in an over-the-counter procedure that continues into 1997.

1998

Acquisition by Crédit Mutuel

Crédit Mutuel acquires CIC and creates the CM-CIC Group. The bank is now a public company listed on the Paris Stock Exchange, with more than 97% of shares controlled by Crédit Mutuel Group.

2003

Asia Private Banking

A new private banking team is set up in Hong Kong and Singapore to offer comprehensive wealth management solutions to high net worth clients and their families across Asia. This service is offered under the CIC private banking brand, CIC Banque Privée.

2008

Acquisitions

CM-CIC acquires the consumer banking operations of Citibank in Germany and rebrands it Targo Bank. In April 2009, CM-CIC acquires the Spanish Bank, Banco Popular’s network in France and renames it CIC Iberbanco.

2009

Expanding Consumer Finance

BFCM acquires a majority stake in Cofidis Participations, expanding CM-CIC’s consumer finance business in France and strengthening its international footprint.

2010

French Bank of the Year

In December, Crédit Mutuel is named ‘French Bank of the Year’ by The Banker.

2013

Network in Spain

CM-CIC enters a joint venture partnership with Banco Popular Español S.A. With the aim of operating a network in Spain of almost 2,400 ATMs by the end of 2015, raising the profile of its Spanish subsidiary, Targobank, and visibility of CM-CIC internationally.

2016

GE Acquisitions & Hong Kong Licence

BFCM completes its acquisition of General Electric’s leasing and factoring businesses in France & Germany, operating under the ‘Targo Commercial Finance’ name in Germany and under the names ‘CM-CIC leasing Solutions’ and ‘Factofrance’ in France. The Hong Kong Monetary Authority also grants a banking licence to CIC marking the bank’s expansion and growth in Asia.

TODAY