The bank for a chaging world

The Mitterrand years: nationalization and privatization

1993 - Banque Nationale de Paris

privatisation_bnp.jpg
Memo regarding
the privatization of
BNP in 1993.

A Private-sector bank

Taking over from René Thomas, Michel Pébereau stepped down as Chairman of Crédit Commercial de France to become Chairman of BNP in July 1993. He took up the post to prepare the bank for the privatization required under the legislation of July 19, 1993, effective in October of the same year.

In just 10 days a total of 2.8 million investors subscribed shares, including 1.6 million of the bank's own customers.

Privatization gave the BNP its independence. Michel Pébereau decided to focus the bank's development itinerary on what had historically been its core businesses:

  • Local retail banking in France, serving individuals and small- and medium-sized businesses;
  • International banking for corporations, financial institutions, and private banking customers seeking the benefits of international management of their assets.
  • The adoption of this strategy depended on strong alliances, notably those with UAP (Union des Assurances de Paris), the leading insurance company in France, and Dresdner Bank, the second-largest German bank.

Print