The bank for a chaging world

From The "Restauration" To the Third Republic

1860 Comptoir d'Escompte de Paris

CnepShanghai.jpg

CNEP opened its first foreign
office in Shanghai in 1860.

CEP pursues an international strategy

The signing of the free-trade agreement between France and England in 1860 marked a break with the prevailing protectionism and the Comptoir focussed its efforts on a strategy of opening its activities to world markets. In the late 1860s, the CEP became a pioneer in the field of international commerce when it opened its first foreign office in Shanghai. In operation as of September of the same year, this office acted as intermediary in the collection of war indemnities owed to France by the Chinese government, and equally contributed to the development of direct import of silk and tea from China to France, as well as to the export of manufactured goods from France.

In the years that followed, additional offices were opened in Reunion Island, Calcutta, Bombay, Hong Kong, and Saigon followed by London, Yokohama, and Alexandria. In 1880 the Comptoir settled in Melbourne and in Sydney in 1881. In 1867 the first branch office was inaugurated in Nantes, France, and it maintained a close relationship with the office in Reunion Island. Subsequent offices were opened in Lyon and Marseille.

By 1853, the financial institution had its head office in the former Hôtel Rougemont, at 14 rue Bergère, and had changed its name to Comptoir d'Escompte de Paris. It diversified its activities, initially limited to the discounting of commercial paper, by opening interest-bearing deposit accounts, renting safe deposit boxes, issuing bonds with fixed maturity dates, and participating in financial transactions.

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