Banque Indosuez

Banque Indosuez was a French bank, the product of the 1975 merger of Banque de l'Indochine and Banque de Suez et de l'Union des mines. It was purchased by Crédit Agricole in 1996, and formed the core of what is now Crédit Agricole Corporate and Investment Bank. As of 2022, its brand survives in Indosuez Wealth Management, the Crédit Agricole group's wealth management arm.

History

In 1966, to prevent an outright takeover of military-industrial concern Schneider by Belgium's Empain group, the Banque de l'Indochine acquired 10 percent of Schneider's capital. As a consequence of that transaction, Empain took 11 percent of the bank's own capital. Its chairman François de Flers then attempted to counter Empain's influence in the bank (as the rest of the shareholder base was highly dispersed) by inviting the Compagnie Financière de Suez, with which the bank had several common business interests, to invest in it as well. In January 1967, Suez acquired 7 percent of the bank's capital, the same amount as held by Empain by then. De Flers subsequently invited La Paternelle, an insurer, to acquire a further 4 percent of the bank's capital, thus consolidating a group of friendly shareholders. In late 1969, the Assurances du groupe de Paris (AGP), a holding company that had been formed in the meantime and owned La Paternelle, owned 22 percent of the Banque de l'Indochine, and by 1972, 45 percent. AGP subsequently sold its stake to the Compagnie Financière de Suez.