Crédit Mutuel
 | |
 Headquarters in Strasbourg, France | |
| Type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1882 |
| Headquarters | , |
Area served | Worldwide |
Key people | Nicolas Théry (CEO), Daniel Baal (GM) |
| Products | Banking, corporate banking, private banking and insurance |
| Revenue | €17.5 billion (2018) |
| €3.5 billion (2018) | |
Number of employees | 82,000 |
| Website | creditmutuel |
Crédit Mutuel is a French cooperative bank, with headquarters in Strasbourg, Alsace. Its slogan is "La banque qui appartient à ses clients, ça change tout!" ("A bank owned by its customers, that changes everything!"). It is currently run by and has over 30 million customers. It is a member of the International Raiffeisen Union (IRU), which is an association of cooperatives based on the ideas of Friedrich Wilhelm Raiffeisen.[1]
History[]
In 2008, Crédit Mutuel bought Citibank's retail bank activities in Germany for 5.2 billion euros. Citibank Germany had over 3 million clients and 7 % of the market share in Germany.[2] Citibank sold multiple retail units across Europe and the world to reduce risk and focus on core activities like corporate and investment banking.[3]
Controversy[]
In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including Crédit Mutuel, the sum of €384,900,000 for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.[4][5]
See also[]
References[]
- ^ "Archived copy". Archived from the original on 2013-11-05. Retrieved 2014-05-18.CS1 maint: archived copy as title (link)
- ^ "Citi sells German arm for $6.7 bln to French mutual". Reuters. 2008-12-08. Retrieved 2020-11-30.
- ^ Jennifer Surane (2020-11-30). "Citi's Jane Fraser Talks About the Priorities She'll Set as CEO". Bloomberg. Retrieved 2020-11-30.
- ^ Collusion in the banking sector, Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 2010 9 20
- ^ 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel [permanent dead link], Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 2010 9 20
External links[]
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