Nov 12 2013
1988-1992: race for size
In the tradition of his predecessor Jean-Maxime Leveque 1 (1986-1988), resulting in the Credit Lyonnais in a logic of "bank-industry," Jean-Yves Haberer maintains bulimia group. Upon his appointment in September 1988, the 56 year old technocrat collect conquests abroad: Belgium, Italy, Spain or Germany. Credit Lyonnais 2devient the leading European banking network. His thirst for greatness eventually exceed the only sector boundaries. The group invests through its subsidiaries in the capital of some 1,600 companies. In total, the value of the industrial holdings of Credit Lyonnais explodes 9.7 billion francs in 1988 * (2.3 billion today) to 52 billion in 1993 (10.7 billion euros).
This strategy is not without risk. While the economy turns around in 1992, the industrial holdings weigh on the accounts of Crédit Lyonnais, while its huge real estate portfolio (CHF 100 billion, 21.1 billion euros) suffered the brunt of the collapse of . The first scandals: lame investments – such as financing the purchase of the Metro Goldwyn Mayer (MGM) to 5.5 billion francs (1.1 billion euros) a year before the collapse of the famous production studio – and subsidiaries poorly managed – including Altus which multiplies risky acquisitions – end up contaminating the Credit Lyonnais. The bank publishes its first loss in 1992 (1.8 billion francs, or 380 million euros). The hole widens in 1993 with an abysmal deficit of 6.9 billion (1.4 billion euros). Bankruptcy threatens and threatens to lead to the banking system as a whole. Given the urgency of the situation, the Balladur government chooses a new man to complete his recovery. Jean Peyrelevade, who was economic adviser Mauroy in 1981 and named by Michel Rocard boss insurer UAP in 1988, succeeds Jean-Yves Haberer3 at the head of the bank in late 1993.
1995-1999: Complex rescue
Two bailouts are implemented by the Ministry of Finance in 1994 and 1995. The first eliminates 42.7 billion francs of bad real estate loans through the creation of a bad bank, real estate management Omnium (OIG). The second is based on the realization Consortium (CDR), created in March 1995 to pay off the debts of Crédit Lyonnais by selling its less profitable assets to the tune of 145 billion francs (28 no fax payday loans.9 billion euros). Very quickly, the CDR is accused of selling these assets, allowing others to do business. In 1997, Bercy evaluates losses CDR 100.2 billion, while Karel Van Miert, the European Commissioner for Competition Policy, estimates the cost of the "disaster" to "more than 150 billion francs." After a series of disagreements, a financial restructuring plan is determined by the State and the European Union, which requires the privatization of the bank within five years and a drastic reduction in the presence of the European Credit Lyonnais. Privatization takes place in the summer of 1999 and the State retains a 10% stake.
1990-2000: the "back in business"
On the sidelines of the bailout, the Credit Lyonnais case is a political and legal turn. In 1994, the report of a parliamentary commission of inquiry involves state ownership and management of Jean-Yves Haberer. Two years later, the Minister of Economy, Jean Arthuis bring prosecutions against the former leaders of Credit Lyonnais, Jean-Yves Haberer. This and Francois Gille, the former CEO of the bank, were indicted in September 1998. A strange event marks the spirits in 1996 a fire destroyed the Paris headquarters of Credit Lyonnais, burning part of its archives. Then in the early 2000s, Jean Peyrelevade 4est caught by U.S. courts in the case of Executive Life. The largest life insurance company in California had been illegally acquired by Crédit Lyonnais via an offshore company when it went bankrupt in the early 1990s. Invoice amount for CDR: 600 million euros.
2003-2005: OPA Crédit Agricole and LCL creation
The government announced in November 2002 that sells its participation in the auction. BNP Paribas 5rafle setting. But Credit Agricole launches in stride – in December 2002 – a friendly takeover bid on all shares of Credit Lyonnais. The reconciliation began in September 2003 and the Agricultural Credit repositions the Credit Lyonnais bank proximity to the national grid. Two years later was renamed Crédit Lyonnais LCL.
* The conversion is performed in time to the franc to the euro today.