Its central entity is the Confédération Nationale du Crédit Mutuel (CNCM) in Paris.
The Crédit Mutuel group has a decentralized structure, despite being designated as a single significant institution under European banking supervision. New extension of the Crédit Mutuel Alliance Fédérale complex in Strasbourg The German network was subsequently rebranded Targobank. Citibank sold multiple retail units across Europe and the world to reduce risk and focus on core activities like corporate and investment banking. Citibank Germany had over 3 million clients and 7 % of the market share in Germany. In 2008, Crédit Mutuel bought Citibank's retail bank activities in Germany for 5.2 billion euros. In 1958, new legislation remodeled the group's governance and established the Confédération Nationale du Crédit Mutuel as its central organization in Paris. The Banque Fédérative du Crédit Mutuel (BFCM) in Strasbourg was established in 1919 as a financial entity for the reorganized network.
Louis Durand (1859-1916), a lawyer in Lyon, was inspired by the Raiffeisen model and started a similar network from 1893, grouped under the Union des caisses rurales et ouvrières de France (UCROF).įollowing France's recovery of Alsace-Lorraine after World War I, some of the local banks joined the Crédit Agricole network, while others preferred to maintain their Raiffeisen identity and adopted the Crédit Mutuel name. The network in German-ruled Alsace–Lorraine grew quickly to 127 local banks in 1892, and 471 in 1914. The first local cooperative bank inspired by the Raiffeisen system on what is now French territory was created in February 1882 in La Wantzenau, a village near Strasbourg. 2.2 Crédit Mutuel Arkéa and other federations.
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