Crédit Mutuel

Crédit Mutuel is a French cooperative bank, with headquarters in Strasbourg, Alsace. Its slogan is "La banque qui appartient à ses clients, ça change tout!" ("A bank owned by its customers, that changes everything!"). It is currently run by Nicolas Théry and has over 30 million customers. It is a member of the International Raiffeisen Union (IRU), which is an association of cooperatives based on the ideas of Friedrich Wilhelm Raiffeisen.[1]

Crédit Mutuel
TypeCredit union
IndustryFinancial services
Founded1882 (1882)
Headquarters
Strasbourg
,
France
Area served
Worldwide
Key people
Nicolas Théry (CEO), Daniel Baal (GM)
ProductsBanking, corporate banking, private banking and insurance
Revenue€17.5 billion (2018)
€3.5 billion (2018)
Number of employees
82,000
Websitecreditmutuel.com

History

In 2008, Crédit Mutuel bought Citibank's retail bank activities in Germany for 5.2 billion euros. Citibank Germany had over 3 million clients and 7 % of the market share in Germany.[2] Citibank sold multiple retail units across Europe and the world to reduce risk and focus on core activities like corporate and investment banking.[3]

Controversy

In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including Crédit Mutuel, the sum of €384,900,000 for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.[4][5]

See also

References
  1. "Archived copy". Archived from the original on 2013-11-05. Retrieved 2014-05-18.CS1 maint: archived copy as title (link)
  2. "Citi sells German arm for $6.7 bln to French mutual". Reuters. 2008-12-08. Retrieved 2020-11-30.
  3. Jennifer Surane (2020-11-30). "Citi's Jane Fraser Talks About the Priorities She'll Set as CEO". Bloomberg. Retrieved 2020-11-30.
  4. Collusion in the banking sector, Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 2010 9 20
  5. 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel , Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 2010 9 20

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