150 Years of History
A legacy takes time to craft. Ours began in 1859. For over 150 years, we have invested in trusted partnerships with an enduring view of the future and a long-term perspective of our clients’ needs. At CIC we take pride in our legacy and an organisation that is built on the collective values of its people.
Our proud history
Société Générale de Crédit Industriel et Commercial is founded on May 7 by imperial decree of Napoléon III.
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.
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.
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.
CIC and its regional banks undergo a period of expansion. In 1968, the Suez-Union des Mines group takes control of CIC.
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.).
The CIC group expands to Asia Pacific with the establishment of the Singapore branch.
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.
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.
The French government privatises the CIC group in an over-the-counter procedure that continues into 1997.
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.
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.
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.
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.
French Bank of the Year
In December, Crédit Mutuel is named ‘French Bank of the Year’ by The Banker.
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.
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.