The bank for a chaging world

From the Third Republic to World War I

1870-1918 Comptoir d'Escompte de Mulhouse and Banque Nationale de Crédit

prospectus_cem.jpg

A prospectus for the issue
of new CEM shares in 1912.

CEM under German control

Upon the French defeat in 1870 and Germany's annexation of Alsace-Moselle, Comptoir d'Escompte de Mulhouse found itself in a difficult position: its headquarters were in German Alsace, but it operated using French capital. As political tensions rose, the Comptoir's management decided to split the establishment into two parts and then combine the French branches to form an independent subsidiary. This led to the creation of Banque Nationale de Crédit on June 25, 1913. Comptoir d'Escompte de Mulhouse was left with just three branches in Alsace-Moselle.

In the years that followed the two establishments developed a natural parent company-subsidiary relationship. Each generated business for the other, but they chose to avoid overlap in their respective spheres of influence.

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