Does Germany need a more cooperative bank? Just in time for France national day has announced Etienne Pfimlin Board of Credit Mutuel, son of a Minister of Charles de Gaulle, the purchase of Citibank and Germany declared as a second home. Strasbourg, Germany was very close, you wanted to reinforce in the consumer credit business and is cheap refinance. What can the German consumers by the second-largest financial group in France expect with 13.3 million private customers? About a glass of white wine and a piece of Stinkkase from Alsace in the conclusion of a loan at the Bank, which you can talk?” (Slogan of the Credit Mutuel in France). Credit Mutuel, founded in 1882 in Watzenau near Strasbourg, is a hard-hitting computing base that already has swept away the ideal of its founding father of Friedrich Wilhelm Raiffeisen”, as the official French Association of victims of the Credit mutuels. Article 3 c of the statutes of the Credit Mutuel stressed that the Bank does not may work profit-oriented and include the profits into a reserve fund. 2007 the surplus amounted to 2.73 billion. Continue to the business to operate jointly and severally and locally. in 1998, acquires the Credit Mutuel CIC universal Bank and is therefore everywhere in the world.
By the CIC, Credit Mutuel brings a setback on the capital market, the members rebel and limit the capital market activities of Credit Mutuel. This reflection on the core business saves the Credit Mutuel a debacle at the current subprime crisis. The Credit Mutuel in the framework of the subprime losses exceed ridiculous 300 million crisis. But too much think 300 million many comrades France. Nevertheless, Pfimlin pursued its expansion and buys at the Galeries Lafayette department store, a chain of luxury department stores in Paris in 2004. And recently the comrades buy the loss-making, leading newspaper group in eastern France, l ‘ est republicain. With regard to Germany, was for many years between the German and French Enjoyed an unofficial agreement by not Aggresssion. But that prevents the Strasbourg not in Baden-Wurttemberg to poach southern Palatinate and southern Hesse, to the great annoyance of the Volksbank on the other side of the Rhine with attractive products E.g.
in the area of construction financing. This attractive conditions based, inter alia from State benefits of the livret bleu”, a Government-sponsored savings account. This privilege has been repeatedly challenged by the European Commission and it is only a matter of time until its abolition. Credit Mutuel will be almost a normal Bank. The real coup of the Credit Mutuel would have can be to revive the ideal of Raiffeisen at a European level, to seek a merger with the German brothers, and to bring this power in emerging Europe to flourish. And it should not be forgotten, that Raiffeisen preached principles such as solidarity, liability of the comrades, local business, modesty of the administration are the causes of today’s success. This would have been father of Etienne Pfimlin, Pierre, initiator of the reconciliation of France and Germany, not better? Press contact: Special mortgages GmbH Alexandre Janicki, Managing Director of Dynamo str. 13 68165 Mannheim Tel.: 0621 438 55 302 fax: 0621 438 55 555 E-mail: Internet: