Crédit Industriel et Commercial

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Crédit Industriel et Commercial
Industry Financial Services
Founded 7 May 1859
Headquarters Paris
Key people Auguste Scalbert
Products Banking and Insurance
Employees 33,300
Parent Crédit mutuel Centre Est Europe
Website cic.fr

Crédit Industriel et Commercial (CIC) is a financial services group in France, founded in 1859[1] With its parent-company, Crédit Mutuel it is the fourth largest bank in the country. CIC alone has 1,890 branches and over 24,000 employees serving over 3.6 million customers[2] The company offers savings accounts, mortgages, and loans; it also owns stakes in specialised entities involved in private banking, asset management, leasing, securities brokerage, and property/casualty insurance.[3]

Controversy[edit]

In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including Crédit Industriel et Commercial, the sum of 384,900,000 Euros for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.[4][5]

References[edit]

  1. ^ CIC > L'histoire d'un grand groupe
  2. ^ CIC > Profil du Groupe
  3. ^ "Cr�dit Industriel et Commercial Company Profile - Yahoo! Finance". biz.yahoo.com. Retrieved 2 March 2011. 
  4. ^ Collusion in the banking sector, Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 2010 9 20
  5. ^ 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel , Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 2010 9 20

External links[edit]