From the Third Republic to World War I

1901 - 1922 Banque Française pour le Commerce et l'Industrie

A poster promoting subscriptions
to a national loan during
the First World War.

From founding to takeover by BNC

Banque Française pour le Commerce et l'Industrie (BFCI) was founded in 1901 by Maurice Rouvier, a former Minister of Finance. The bank had an initial share capital of 60 million francs, which was increased to 100 million in 1920. Banque de Paris et des Pays-Bas, CNEP and Société Générale were all involved in the creation of the new bank.

With its initial head office at 9 rue Boudreau (the offices were transferred to 17 rue Scribe in 1914), the bank's staff was formed by combining the personnel of two establishments in the process of being liquidated: Banque Française d'Afrique du Sud and Banque Internationale de Paris (created in 1889 from Banque Franco-Egyptienne, itself established in 1887), which specialized in operations in Russia. The fusion of two such international banks provided an attractive source of business relationships.

BFCI aimed to be a bank that served businesses, especially those with operations outside of France. Because it sought to finance major projects, its activities fell between those of merchant banks and credit establishments.

In France, it helped finance the needs of new or fast growing companies such as Société du Gaz de Paris, Société Générale du Matériel de Chemin de Fer, Compagnie Générale Transatlantique, and Société des Tréfileries et Laminoirs du Havre.

As a "conventional" bank in France, it proved particularly dynamic by joining local banks in high-profile international transactions, such as loans issued to railways in Indochina and Yunnan, in Mexico, and to a Peruvian shipping company, as well as the distribution of government loans to Argentina, Serbia, Bulgaria, Japan, the Ottoman Empire, Brazil and other countries. Other deals included capital increases and the creation of such companies as Compagnie Française des Mines d'Or et de l'Afrique du Sud, Banque Agricole d'Egypte and the Banque de La Havane.

In 1913 the BFCI was involved in the creation of Banque Nationale de Crédit, and it also played a role in the latter's capital increase in 1917.

Despite its broad portfolio of relationships, BFCI faced a shortage of financial resources and did not have a broad enough network to generate more. BNC, which was still a young establishment flush with capital, was seeking to increase its investments and needed to build recognition among Parisian and international businesses.

This complementary fit led the two firms to decide to combine their resources. In 1922, BFCI was absorbed by BNC and liquidated on September 1 after an amicable takeover.

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