HistoryThe Mutual credit such as we know it, was born at last century in the Rhineland under the impulse from Frederic-Guillaume Raiffeisen. Confronted with the agricultural misery of the time, it creates in 1847 an association for the bread. The investments of this association are financed while borrowing near a bank to which guarantees are brought. In 1849, to fight against wear, it creates the company of help to the impecunious farmers of Flammersfeld. The members collectively guarantee, by their guarantees, the capital borrowed from a bank and lent again with some of them. As of these first structures, the bases of Crédit Mutuel are posed:
- unlimited liability for the members;
- voluntary help of the administrators;
- restricted geographical district.
It is in Alsace, then annexed which is created in 1882, the first Case of Crédit Mutuel on the model of Raiffeisen. Rise is fast since 1885, Alsace obtains federal structures and that in 1892 one counts there already 127 cases.
The ideas of Raiffeisen are taken up in France as from 1888 in particular per Ludovic de Besse and Louis Durand. This last, lawyer in Lyon creates cases on the model of Raiffeisen in 1893 and joins together them in the Union of the rural and working cases of France (UCROF).
The Mutual credit group - CIC (CM-CIC) is a French Banque co-operative and mutualist. It is the result of the acquisition of the group CIC by the bank Mutual credit in 1998, when it becomes majority Actionnaire about it. It is a finance company.
The group, chaired by Etienne Pflimlin and directed by Michel Lucas, is, In 2005, the fourth French Banque by equities, and the second bank of detail (by the number of agencies, incur them appropriations, the GNP…).
The structure of the Mutual credit
- First degree: at the local level: 1800 local cases.
- Second degree: at the regional level, each regional group is composed of a federation and a federal case or interfédérale.
- Third degree: at the national level, the confederation is the central body of the network.
Composition of the groupThe network is made of 18 federations having adopted the statute of the law 1901 with nonlucrative goal, each federation is doubled of a federal case which is equipped with a capital by transfer of the benefit of the cases of Crédit Mutuel and which functions like a business firm (federation and federal case have the same denomination, which lends to confusion).
- Brittany (Arkea group)
- Center Is Europe (Group the EEC - Center Is Europe))
- Ile-de-France (group the EEC) Western
- Loire-Atlantique and Center
- Maine-Anjou and Basse-Normandie
- Massif Central (Arkea Group)
- the Mediterranean
- the Midday-Atlantic
- White Savoy-Mount (group the EEC) South-western
- (Arkea group) South-eastern
- (group the EEC)
These regional federations are chaired by the representatives of the members. Financial arm, the federal Cases (and today interfédérales) is finance companies. The tendency is with the regrouping of the Cases to release from synergies and the means for the development, while preserving the 18 federations, true “Parlement” of the parking group of the interests of the member-customers. Two interregional groups (named federal case) alone account for approximately 90% of the group in results and GNP:
the Mutual credit Center Is Europe based with Strasbourg, which federates also South-east (Lyon), the Île-de-France (Paris), Savoy Mont Blanc (Annecy). Its emblématique subsidiary company is the industrial and commercial Credit (CIC), acquired in 1998. The ACM (Insurances of the Mutual credit) were founded by this regional Group. It is the Group dominating; It is chaired by Etienne Pflimlin
the Mutual credit of Brittany (CMB), based with Brest, is the head of bridge of the group CM Arkéa, which federates also the Western South (Bordeaux) and the Massif Central (Clermont-Ferrand). The Arkéa group is, via the finance company of the mutual credit (CFCM), the holding of various specialized subsidiaries (Suravenir, BCME, Symphonis, Federal Finance, European Private banking, Procapital/Fortunéo acquired in Aoùt 2006) and the armed wing of the battery charger of acquisitions. It is chaired by Georges Coudray
These two poles of CM always nourish a competition, even if the weight acquired by first is from now on out of reach of the second. Within sight of the excellent results and strategic initiatives taken by all and sundry, in the respect of a strategy directed towards the bank of detail in France, and without " blow médiatique" , this competition concerns the healthy emulation rather.
Still let us note the Northern Mutual credit Group Europe, based with Lille, which has a good base in the Nord-Pas-de-Calais and weaves from now on its network in Belgium (via the Belgian Professional Credit) and with the Luxembourg (Northern Europe Private Bank).
The principle being with the Mutual credit the autonomy of each Federation, some choose to work with subsidiary companies of Arkéa in certain fields (data processing, insurances…) or of Center-Is Europe for others, to even develop their own offer. This unheard of situation in the banking field explains its polarization towards the regional one and the room rather than towards the national and the international one, which makes it possible to better include/understand the fact that the Mutual credit is far from present on the national mediums. However the things evolve/move with the two computing systems of the group, regarded as the state of the art as regards bank data processing in France, structuring in fact the offers, the hazard control, and management in the whole of the regional Groups.
With the regional federations is added the Mutual credit agricultural and rural who exerts on the whole of the territory and is dedicated to the market of agriculture.
The legislative texts and regulatory governing the cases and the organizations of Crédit Mutuel are particularly opaque, they confuse what concerns the general interest and the interest private, the rights of the members which are however the owners of this bank, are almost non-existent, they assume the losses but are not entitled any to the benefit. (according to the statutes of the Cases of Crédit Mutuel approved by the National confederation of Crédit Mutuel, article 3C " The Case prohibits any lucrative goal and does not continue the search for any profit, nor benefit. Insofar as they are not refunded, the administrative surpluses carried out are assigned to the constitution of funds of a company indivisible which can be distributed between the members neither during the existence of the Case, nor in the event of dissolution" and article 6C " In accordance with the law, the member answers jointly and jointly with the other members of the underwriting liabilities by Caisse.")
An association of victims was created in 2005, it joined together and interpreted all the texts governing Crédit Mutuel and engaged several administrative procedures and legal aiming at making transparent the statute and the traceability of the economic activity, a bank which claims to be a mutualist and with nonlucrative goal. " Association of the Victims of the Mutuel" Credit; initials AVCM are a registered trademark with the INPI (n°national 07/3478503) http://www.assvictimescreditmutuel.com
- Official site of the Mutual credit
- Site of the victims of the Mutual credit
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