From the Third Republic to World War I

1889-1919 Comptoir National d'Escompte de Paris

Portrait de Louis Jules
Denormandie, premier
président du "nouveau"
CNEP à partir de 1889.

Alexis Rostand,
directeur puis président du
CNEP à partir de 1908.

Re-definition of the establishment and prosperity in the Belle-Epoque

In 1887 the Comptoir's management became embroiled in scandal and the institution became the subject of intense speculation called into question its liquidity after it made overly-ambitious commitments to the Société des Métaux. It found itself unable to honor the withdrawals made by its customers. After the intervention of public authorities, and after receiving a substantial cash advance from the Banque de France, the Comptoir was able to settle all its commitments.

Louis Jules Denormandie, a French senator and former Governor of the Banque de France, then worked with the receivers of the former Comptoir d'Escompte de Paris to redefine the bank and restore to it the original name Comptoir National d'Escompte de Paris. The establishment acquired its definitive legal status as a public limited company ("société anonyme") on June 11, 1889. Alexis Rostand, an uncle of the renowned author Edmond Rostand, moved from his position as manager of the branch office in Marseille to take the reins of the new establishment, and was subsequently appointed Chairman in 1908.

An influx of fresh capital in 1909 increased the bank's shareholders' equity to 200 million francs, thereby assuring the prosperity of the CNEP during the "Belle-Epoque".

In France, the institution actively supported companies that were spearheading the industrial revolution by placing shares and bonds, ensuring and underwriting capital, and by providing credit facilities. A variety of key industries benefited from this support.

The CNEP contributed to the development of the nation not only in acting as underwriter for French government debt, but also in working with both local and regional government entities (Paris and Bordeaux and the Pas-de-Calais region, among others). In 1919 it took an active part in the formation of the Crédit National and, alongside the Crédit Lyonnais, formed the Union pour le Crédit à l'Industrie Nationale (UCINA) to satisfy the medium-term financing needs of businesses.

Through the Union pour le Crédit à l'Industrie Nationale, French investors were able to invest in foreign government bond issues (such as the loans granted to the Chinese, Japanese, Argentine, Mexican, Ottoman, and Moroccan governments).

Outside of France, the institution continued to serve as commercial conduit as it systematically opened offices in key countries for French trade.

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