Oui to banking
In 1839 Henri Germain founded a bank in Lyons, France, with several prominent local businessmen. The firm grew over the next 25 years, and in 1865 added branches in Paris and Marseilles. The company survived the Franco-Prussian War of 1870-1871, but after the siege of Paris by the Prussians in the winter of 1870, Germain felt Credit Lyonnais could benefit from more geographical diversity; a London office was promptly set up. At the same time, Credit Lyonnais began expanding into different industries, operating as a merchant bank that invested in promising business. The firm also entered the underwriting field, placing post-war "liberation bonds" in 1871, and took over two insurance companies in 1879.
By the end of the 1880s, Credit Lyonnais was the leading bank in France and had branches in London, Constantinople (now Istanbul, Turkey), Alexandria, Geneva, Madrid and St. Petersburg, Russia. A new Paris headquarters opened in 1883, shortly after the firm led the French banking industry through a liquidity crisis. By the time World War I started, Credit Lyonnais was the largest bank in the world and had nearly 400 branches, including those in an additional 13 cities outside of France. Like most of Europe, Credit Lyonnais was devastated by the war; branches were closed and nearly 1,600 of the company's employees died in the war. The firm was touched by the tide of history again in the late 1910s; revolutions in Russia and Turkey closed branches and put foreign debt in doubt. Credit Lyonnais actually fared better in World War II than in the previous continent-wide conflict; fewer branches were destroyed in the fighting, and the company focused on safer investments during the uncertain time. Post-war Credit Lyonnais provided financial help to the rebuilding efforts. The company benefited from a deregulation mania in the 1980s and expanded its capital markets presence.
Credit Lyonnais now
Currently, Credit Lyonnais maintains three lines of business: retail banking and asset management (both primarily in France) and corporate and investment banking (the cornerstone of the firm's international operations). But the company is in the midst of being acquired by Credit Agricole. Credit Agricole launched a $21.1 billion takeover bid in December 2002, fighting off a rival bid from BNP Paribas. Should the deal clear (it's been approved by banking regulators but is awaiting final approval from stock market watchdogs), the new bank will be one of Europe's largest financial institutions.
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