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Cowen was taken over by the Societe Generale Securities Corporation, the French bank's New York investment bank, and renamed the SG Cowen Securities Corporation. Joseph M. Cohen, Cowen's chief executive became its chairman, and Curtis R. Welling, an investment banker from Societe Generale's New York office became president and chief executive.
The Société générale de crédit industriel et commercial was founded on 7 May 1859, mainly on the initiative of banker Armand Donon who was supported by the politically influential Duke of Morny, as a competitor to the Pereire brothers's Crédit Mobilier on the model of successful British depository banks such as the London and Westminster Bank.
The banking industry in France has, as of 11 October 2008, an average leverage ratio (assets/net worth) of 28 to 1, and its short-term liabilities are equal to 60% of the French GDP or 128% of its national debt. [1] France operates a deposits guarantee fund, known as the Fonds de Garantie des Depôts.
After World War II (1939–1945) a law passed on 2 December 1945 redefined the regulatory framework governing the banking industry and decreed the nationalization of the Banque de France and the four leading French retail banks: Banque nationale pour le commerce et l'industrie (BNCI), CNEP, Crédit Lyonnais and Société Générale. [52]
Société générale means "general company" or "general society" in French, and was included in the name of many legal entities, particularly in the 19th and early 20th centuries, starting with the Société Générale de Belgique in 1822.
The Société Générale de Banque held 40 percent of all deposits in Belgium. [3]: V The bank subsequently further expanded into retail banking services: its Belgian branch network grew from 328 in 1945 to 640 in 1964 and 1,100 in 1975. [3]: V-VI In 1985, its name was further abbreviated to Générale de Banque (Dutch: Generale Bank). [4]
Crédit Agricole merged its own investment banking arm, Banque Indosuez, with Crédit Lyonnais's and renamed the merged entity Calyon (for Crédit Agricole Lyonnais) in 2004, but that brand was changed in 2010 to Crédit Agricole CIB (for Commercial and Investment Bank), reflecting the gradual phasing out of the Crédit Lyonnais identity.
The London-based BBE (Overseas) was renamed Banque Belge Ltd. in 1957; in 1970, it absorbed the London branch of the Banque Italo-Belge, another affiliate of the Générale de Belgique, and in 1988 contributed its merchant banking operations to the newly created branch of Generale Bank, while keeping private banking under the Banque Belge Ltd ...