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According to the bank's records, in 1815 the capital of the Paris banking house James Mayer de Rothschild founded amounted to £55,000 (equivalent to £4.8 million in 2023); by 1852 the figure was £3,541,700 (equivalent to £523.4 million in 2023), and in 1878, just ten years after his death, £16,914,000 (equivalent to £2.2 billion in 2023). [2]
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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.
François Pérol was the architect of the creation of Groupe BPCE, which he subsequently led for nearly a decade. Before moving to the Tours Duo in 2022, Groupe BPCE and Natixis were headquartered respectively on 50 and 30, Avenue Pierre-Mendès-France [] in Paris, flanked on both ends by office buildings of the Caisse des dépôts et consignations.
In September 2014, BNP completed the purchase of BGZ Bank for a final fee stated in the media to be $1.3 billion. [32] [33] [34] In December 2021, BNP Paribas announced to exit US retail banking business by selling its Bank of the West to the Bank of Montreal for $16.3bn. [35] BNP Paribas has around $80 billion under management in Asia by 2024.
An aerial view of Eiffel Tower during the opening ceremony of the Paris 2024 Olympic Games on July 26, 2024. Credit - Lionel Bonaventure—Reuters
The Fall of France greatly affected the French Rothschilds as their bank was seized by the Nazi occupiers. [2] [3] Despite having the bank restored to them at the end of the war, the family bank Rothschild Freres would be nationalized in 1981 by the socialist government of then newly elected French President François Mitterrand. [4]
In Paris's depressed suburbs, the number of people relying on food handouts is soaring as a strict coronavirus lockdown plunges France into its deepest recession since World War Two. "There were ...