Crédit Foncier de France
Crédit Foncier de France was a major French bank, active from 1852 to 2019 when its activities were entirely subsumed into Groupe BPCE, although the brand name appears to remain active.
History
The Crédit Foncier initially made loans to communes. The movement was initiated by Louis Wolowski and Count Xavier Branicki, and sanctioned by Emperor Napoleon III in 1852 in an attempt to modernize the medieval French banking system and expand French investment outside Europe. Its name became the "Banque Foncière of Paris". Similar institutions at Nevers and Marseille were amalgamated into one under the title of "Crédit Foncier de France". The amount of the loan could not exceed half of the value of the property pledged or hypothecated, and that the repayment of the loan was by an annuity, which included the interest and part of the principal, terminable at a certain date. The Crédit Foncier had a monopoly on mortgages.In 1995, the bank reported a loss of 10.8 billion francs, and in 1996, the French government gave Credit Foncier a bailout to prevent it from collapsing, fearing the resulting financial downturn. After the bailout, the French government began planning to dissolve the bank, with Finance Minister Jean Arthuis seeking to sell its core housing loans businesses to Credit Immobilier et Hotelier and wind down all other operations. Initial estimates stated that at least 900 of Credit Foncier's 3,300 employees were to be laid off, but this was later revised upwards to around 1,500 layoffs. Employees of the bank, in protest, captured the high-ranking executives for several days, until the government decided to negotiate with the employees.
On 26 June 2018 it was announced that the organisation was to be closed, and its activities integrated into BPCE. The brand appears to remain active.
Former headquarters
The Crédit Foncier used to be headquartered in a prestigious building complex that included the former on Place Vendôme, and the Hôtel Castanier on rue des Capucines as well as a number of adjacent constructions. Crédit Foncier moved into the Hôtel Castanier as early as 1854, had it remodeled by architect Antoine-Nicolas Bailly, and expanded into the Hotel d'Evreux in 1896.The property was sold by Crédit Foncier to the Thani family of Qatar in 2003 for 250 million euro, and was comprehensively renovated from 2009.