August 19, 1993 |
Frenchman Appointed to Head European Bank: Jacques de Larosiere was named new president of the European Bank for Reconstruction and Development. The governor of the Bank of France brings an austere reputation to the East European development bank that differs greatly from that of his predecessor, Jacques Attali. As head of the Washington-based International Monetary Fund for eight years in the 1980s, De Larosiere, 63, won plaudits around the globe for his handling of the world debt crisis.
October 6, 1988 |
The Bank of France said it has coordinated the rescue of a Paris-based bank with Middle East connections, Al Saudi Banque SA, after it lost around $315 million. The statement said the Saudi Arabian group Hariri, the main shareholder of Dutch-based Al Saudi Bank Holding NV, which in turn had held a 99.9% stake in the Paris bank, had injected funds into it, but did not give the amount. Outlines of the rescue were settled at the central bank after several meetings, a Bank of France spokesman said.
November 3, 1992 |
The French government offered a ray of hope to the flagging economy Monday by cutting its benchmark interest rate for the first time in more than a year. The Bank of France said it was taking advantage of a recovery in the franc and favorable inflation and balance-of-payments trends to reduce its money market intervention rate to 9.35% from 9.60%. It also trimmed its other main lending rate, for five- to 10-day repurchase agreements, by a quarter point to 10.25%. With 10.
January 20, 1997 |
Angry employees holding the top executives of the Credit Foncier bank dug in their heels on the third day of a standoff with the French government over job security and the fate of the bank. Several hundred employees occupying the Paris headquarters of the property lender announced they would open the bank for business as usual today but still bar the captive executives from leaving. They allowed bank governor Jerome Meysonnier to hold a news conference inside the bank.
April 3, 2000
* HSBC Holdings, in the biggest cross-border takeover in European banking, agreed to buy Credit Commercial de France for $10.5 billion to boost business with wealthy investors and companies. The purchase of France's sixth-largest bank would give HSBC 1 million more clients and "makes us a serious player in the euro zone for the first time" said Sir John Bond, HSBC Chairman. London-based HSBC, which once functioned as the central bank of Hong Kong, is expanding in Europe and the U.S.
December 10, 1987 |
Riot police swinging truncheons rushed into the Bank of France before dawn Wednesday and forced aside a mass of striking workers to lead two besieged bank officials out of the venerable building. The show of force, which, ironically, came on a day when workers throughout France were electing representatives to traditional courts that try to settle labor disputes peacefully, infuriated French labor unions and seemed to harden the nine-day-old strike.