The Redemption of the Credit Lyonnais by Credit Agricole
It seems that French banks have given up on becoming universal banks, either by choice or by constraints. They prefer to stay multi specialists on national territory and focus on some of their activities abroad. The challenge remains. Indeed, banks have an incentive to increase their capitalization to avoid falling under the blows of external financial institutions.
Agricultural credit was created in 1894 to allow farmers to have a French bank that can provide a funding system best suited to their business by offering loans for a longer period and that are more flexible. Initially the farm credit is created in a mutual form. It is therefore the basis of a set of local branches of subsidized agricultural credit by the Bank of France.
With the aid of power and the gathering of local funds, in 1899 to create nine regional offices of Credit Agricole Mutuel, and the Act of August 5, 1920 allows the creation of the Office National de Credit Agricole, which is a focal control and financial coordination of the entire institution. This body became in 1926 the National Fund of Agricultural Credit.
In 1945 the National Federation of Credit Agricole was created, which is a forum for reflection and expression of regional funds from the government, the national fund and the agricultural profession. From there, the services of the Credit Agricole multiplied and the company went on to services and more banking through the introduction of several laws that allowed it to offer loans to a broader clientele of farmers and the National Fund gradually strengthened its activities in the financial markets.
In 1980, Credit Agricole had the legal authority to finance businesses and households throughout the French territory. Parallel to the banking services, agricultural credit is now becoming more and more financially autonomous, through the National Fund which now assumes the full role of central bank for regional banks, reducing the role of government in the institution.
Tags: Credit Agricole, agricultural credit, French banks
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