Credit Industrial Commercial (CIC) - Financier
CIC is the oldest commercial bank in France. the bank was founded in 1859. 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 French government privatizes the CIC group in an over-the-counter procedure that continues into 1997.
