History of a major group

Daniel Baal is appointed Chairman of CIC’s Board of Directors on January 1, 2024.

The CIC Board of Directors appoints Eric Charpentier as Deputy CEO and effective manager. The appointment, made on July 28, takes effect on September 1, 2021.

In October, CIC is the first bank to become a benefit corporation alongside its parent company, Crédit Mutuel Alliance Fédérale.

CIC's shares are delisted on August 11, 2017. CIC is now almost entirely owned by BFCM. At December 31, 2017, BFCM (Banque Fédérative du Crédit Mutuel), a 93%-owned subsidiary of Caisse Fédérale de Crédit Mutuel, directly holds 93.14% of CIC, while Mutuelles Investissement (90%-owned by BFCM and 10%-owned by ACM Vie Mutuelle, a fixed-contribution mutual insurance company) holds a 6.25% interest. The remaining 0.61% is treasury stock, and therefore does not carry voting rights.

On June 16, 2017, Crédit Industriel et Commercial announces that it is entering exclusive talks with Crédit Agricole Indosuez Wealth Management for the sale of its private banking activity in Asia (located in Singapore and Hong Kong). Following approval by the group’s works council in July 2017 and by the Asian regulators in November 2017, the transaction is finalized on December 2, 2017.

On May 24, concurring with a proposal made by the Chairman Nicolas Théry, the Board of Directors appoints Daniel Baal as Chief Executive Officer effective June 1.

On January 1, following the merger/absorption of CM-CIC Securities, CIC includes the business lines under the name CM-CIC Market Solutions.

On March 31, CM-CIC Capital Finance, a CIC subsidiary responsible for capital structuring activities, changes its name to CM-CIC Investissement.

• Nicolas Théry is Chairman of the Board of Directors
• Alain Fradin is Chief Executive Officer
• Daniel Baal is Deputy Chief Executive Officer
• Philippe Vidal, already Deputy Chief Executive Officer, and Daniel Baal are appointed effective managers alongside Alain Fradin.

On May 19, the combined shareholders' general meeting changes the governance structure from that of a société anonyme (French limited liability company) with an executive board and supervisory board to that of a “conventional” (single board) société anonyme.

The Board of Directors, meeting immediately after the shareholders' meeting, decides that general management should be assumed by Michel Lucas, Chairman of the Board of Directors and Chief Executive Officer, and by Alain Fradin, Chief Operating Officer.

• Banque BSD-CIN changes its name to Banque CIC Nord Ouest
• Banque CIO-BRO changes its name to Banque CIC Ouest
• Banque Société Bordelaise changes its name to Banque CIC Sud Ouest

CIC Lyonnaise de Banque absorbs CIC Bonnasse Lyonnaise de Banque.

Merger: CIC Banque SNVB and CIC Banque CIAL merge to form a new entity: Banque CIC Est.

Mergers:

• CIC Banque Scalbert Dupont, CIC Banque CIN and CIC Crédit Fécampois merge to form a new entity: CIC Banque BSD-CIN
• CIC Banque CIO and CIC Banque BRO merge to form a new entity: CIC Banque CIO-BRO

A significant number of projects are started, including implementation of a single common IT tool for Crédit Mutuel and CIC, a single brand image for CIC in the Greater Paris region, and expansion of the network.

A new regional organization split into six centers:

• Greater Paris region with lead bank CIC
• Northwest with CIC Banque Scalbert Dupont and CIC Banque CIN
• East with CIC Banque CIAL and CIC Banque SNVB
• Southeast with CIC Lyonnaise de Banque and CIC Bonnasse Lyonnaise de Banque
• Southwest with CIC Société Bordelaise
• West with CIC Banque CIO and CIC Banque BRO

The share capital of CIC now stands at €560,141,376. This same year, there is another change in the ownership structure when Crédit Mutuel buys GAN’s stake.

A new organizational structure is launched: implementation of a single IT system and a common platform, creation of new points of sale and common business centers for Crédit Mutuel and CIC.

Development of the international base, with a stake acquired in Banque Marocaine du Commerce Extérieur, a further stake in Banque de Tunisie, and partnership agreements entered into with Banca Popolare di Milano, Italy, and Bank of East Asia.

The merger of Union Européenne de CIC (the group's holding company) with CIC Paris (the regional bank for Greater Paris) gives rise to Crédit Industriel et Commercial (CIC), a new structure with a new name, which is both the group’s lead bank and a regional bank. BFCM sells 1% of the share capital to Caisse Centrale du Crédit Mutuel.

Crédit Mutuel acquires CIC.

The government announces that Banque Fédérative du Crédit Mutuel (the holding company of Fédération du Crédit Mutuel Centre Est Europe) is now the majority shareholder of Union Européenne de CIC, with 67% of the capital. GAN retains 23%, and more than 7% is reserved for employees. The share capital increases from FRF2,864,359,400 to FRF3,500,883,600 (from €436,668,775 to €533,706,264). Michel Lucas, CEO of Fédération du Crédit Mutuel Centre Est Europe, becomes Chairman of the Executive Board of CIC, and Etienne Pflimlin, Chairman of CMCEE, becomes Chairman of the Supervisory Board.

The French government (Jospin administration) resumes the privatization process on the same basis.

The French government (Juppé administration) decides to privatize the CIC group in an over-the-counter procedure which is suspended in December of the same year.

GAN holds 92.64% of the capital of Union Européenne de CIC.

Launch of CIC Banques, the group’s new visual identity.

GAN holds 81.92% of the capital of Union Européenne de CIC.

Merger of Compagnie Financière de CIC and Banque de l’Union Européenne to form Union Européenne de CIC, bank and holding company for the CIC group, wholly owning the regional banks.

GAN’s stockholding increases from 34% to 51%.

100% of the capital of the regional banks is now held by Compagnie Financière.

Insurance company GAN takes a 34% stake in the capital of Compagnie Financière.

Restructuring continues with the creation of CIC Union Européenne, International et Cie, and Compagnie Financière de CIC.

The CIC group is restructured: 51% of the regional banks’ capital is now held by the parent company.

CIC is nationalized, along with the nine regional banks under the Groupe des Banques Affiliées.

The majority of CIC’s capital (72%) is held by Compagnie Financière de Suez. During this time, the bank opens offices abroad.

The Suez-Union des Mines group acquires control of CIC.

The regional banks undergo an expansion phase.

Creation of Union des Banques Régionales pour le Crédit Industriel (UBR), which brings together 18 regional and local banks. In the same year, CIC founds Société de Secours Mutuels.

Birth of the Groupe des Banques Affiliées (GBA).

CIC acquires stakes in the capital of regional banks: Banque Dupont, Banque Scalbert, Crédit Havrais, Crédit de l’Ouest, etc.

The stock of the regional subsidiaries is shown in CIC’s balance sheet.

CIC takes part in setting up several banks around the world: Banca Nationala a Romaniei, Banco de Madrid, Banque de Nouvelle Calédonie, Banque de la Réunion and Banque de Madagascar.

Opening of the first foreign branch in London.

CIC acquires large stakes in new banks such as Société Lyonnaise.

Société Générale de Crédit Industriel et Commercial is created on May 7 by imperial decree of Napoleon III.