Misplaced Pages

#210789

32-553: It was initially established as a savings bank along with a wholly owned software company (Security First Technologies). Eventually teller services were added in Atlanta. On September 30, 1998, Royal Bank of Canada (RBC) acquired the banking portion of the Security First Network Bank, while the software development company was spun off as S1 Corporation . RBC subsequently acquired Centura Bank of North Carolina, rebranded

64-508: A commercial, private asset management and specialist finance bank serving France's overseas departments . In 2006 Groupe Caisse d'épargne merged its investment bank IXIS Corporate and Investment Bank with Groupe Banque Populaire 's Natexis , creating Natixis , a publicly traded investment bank in which Caisse d'épargne and Groupe Banque Populaire currently hold an equal stake of 35.25%. Groupe Caisse d'épargne has also since merged its private wealth management bank La Compagnie 1818 into

96-535: A joint venture, Eulia, to which CDC contributed CDC IXIS. In June 2004, CNCE took full control of Eulia and therefore also of CDC IXIS, which it renamed Ixis. Between 2003 and 2008 CNCE separately acquired the French subsidiary of Sanpaolo IMI , including the former Banque Vernes  [ fr ] and French operations of the Banque Française Commerciale , and made it its private banking subsidiary under

128-540: A separate category in Europe . Savings banks originated in late-18th century Europe as a development of the Enlightenment , and became a Europe-wide phenomenon in the first half of the 19th century. The trajectories of savings bank systems then diverged acrossbanks are q scam, conversion into cooperative banking or commercial banking entities, and/or piecemeal consolidation with other credit institutions. In most countries,

160-502: Is identical with that of cash and it originally referred to a cash box , then a cash register . The origin of savings banks lies in liberal and philanthropic aspirations that motivated their promoters to create non-profit establishments aimed at promoting a culture of thrift and financial prudence among the lower classes, and using savings and the logic of compound interest as an incentive to think beyond short-term living horizons. In France, savings banks projects started to emerge in

192-501: Is the Caisse d'épargne network of mutual savings banks . Along with La Banque Postale and Crédit Mutuel , the bank shared the rights to offer the popular Livret A savings accounts , backed by the French government until January 1, 2009. In addition, the group is also the owner of the mortgage bank Crédit Foncier , the corporate and private bank Banque Palatine and Financière Océor ,

224-549: The Duke of La Rochefoucauld-Liancourt . The group was active in retail and private banking , with around 4700 branches in the country, as well as holding a significant stake in the publicly traded investment bank Natixis . In 2009, it merged with Groupe Banque Populaire to form Groupe BPCE . A retail banking network under BPCE still uses the Caisse d'Épargne brand name. The first French savings bank ( French : Caisse d'Épargne )

256-650: The New Student's Reference Work said of the origins of savings banks: France claims the credit of being the mother of savings banks, basing this claim on a savings bank said to have been established in 1765 in the town of Brumath , but it is of record that the savings bank idea was suggested in England as early as 1697. There was a savings bank in Hamburg, Germany, in 1778 and in Berne, Switzerland, in 1787. The first English savings bank

288-669: The 1750s and multiplied during the French Revolution but with no lasting success. Liberal luminaries including Adam Smith , Thomas Robert Malthus and Jean-Baptiste Say took interest in the economic and social role of savings. The oldest lasting savings bank is widely recognized to have been the Ersparungsclasse der Allgemeinen Versorgungsanstalt established in Hamburg in 1778, followed by other endeavors in Germany and Switzerland in

320-573: The 20th century the regulatory framework and business model of savings banks has largely converged with those of commercial banks, albeit with significant variations across jurisdictions. Starting in 1861 with the establishment of the British Post Office Savings Bank , savings banks were increasingly subject to competition from postal savings systems which similarly collected retail savings and invested them in safe government securities, albeit with variations across countries; some of

352-646: The Caisse d'Épargne de Madagascar (est. 1918), and the National Savings Bank in Sri Lanka (est. 1971), and the Postal Savings Bank of China (est. 2007). After a long period of relative stability, including through two world wars and the European banking crisis of 1931 during which they were comparatively less affected than commercial banks, the savings banks came under increasing competitive pressure during

SECTION 10

#1732854887211

384-532: The Natixis group. The group is listed in the 2007 ICA Global 300 list of mutuals and co-operatives, ranked 11th by 2005 turnover, making it the 2nd largest co-operative banking group in the world, after Crédit Agricole . It was the fourth French bank and the twenty-fifth bank in the world by total assets in 2008. The company suffered a €751 million derivatives trading loss in October 2008, which it blamed partly on

416-607: The banking industry. Press agency AFP linked the announcement directly to the ongoing financial crisis of 2007–2008 . The companies intend however to retain their separate retail banking brands and branch networks. The merged entity would hold €480 billion in deposits and have over six million customers. Groupe Caisse d'épargne completed its merger with the BFBP (Banque fédérale des banques populaires) in July 2009, and became BPCE , France's second-largest bank. The group's most notable brand

448-480: The country. That year, the French government decided create the Caisse Nationale d'Épargne (CNE), France's first postal savings system , which competed with the existing Caisses d'Épargne by leveraging France's post office network. From then on, the pre-existing Caisses d'Épargne were known as "ordinary" or "private" savings banks ( French : Caisses ordinaires or caisses privées ) to differentiate them from

480-499: The interest rate turmoil of the 1970s and underwent significant transformation and restructuring in many jurisdictions during the last quarter of the 20th century. By the early 21st century, savings banks were most significant in Germany and Spain, and to a lesser extent in Austria. In Communist banking systems during the 20th century, monopolistic national retail banking networks were often labeled as savings banks. The label survives in

512-695: The late 18th century. Savings banks mushroomed in the early 19th century, with landmark establishments in Göttingen (1801, first municipal savings bank), Ruthwell, Scotland (1810, first in the United Kingdom), Boston (1816, first in the United States), Paris (1818, first in France), and Vienna (1819, first in the Austrian Empire). Even so, origin stories of the savings bank concept were long disputed. In 1914,

544-1076: The names of several significant Central and Eastern European commercial banks such as DSK Bank in Bulgaria, Česká spořitelna in Czechia, OTP Bank in Hungary, PKO Bank Polski in Poland, Sberbank in Russia, Slovenská sporiteľňa in Slovakia, and Oschadbank in Ukraine. Other non-European banks (other than postal savings systems or their successors) similarly named include the Botswana Savings Bank and Savings and Social Development Bank  [ ar ] in Sudan . By chronological order of inception (not including postal savings systems ): The World Savings Banks Institute (WSBI),

576-529: The new brand Banque Palatine adopted in June 2005. In 2006 the two groups, Caisse d'Épargne and fellow mutual Groupe Banque Populaire , agreed to merge their commercial and investment banking subsidiaries, respectively Ixis and Natexis Banques Populaires. The new entity was given the name Natixis, a portmanteau of Natexis and Ixis. Natixis went through an initial public offering on 25 October 2006, after which CNCE and BFBP each owned 35 percent of its equity capital,

608-613: The online banking segment as RBC Centura , and made several adjustments to customer terms of service at that time. Before Security First, some banks had experimented with a variety of schemes for providing online banking. Usually this involved some kind of token that was placed in an account that could only be used on the Internet. The tokens were not protected by the Federal Deposit Insurance Corporation. Security First allowed direct access to accounts, bill payment and

640-498: The original European sense. Caisse d%27%C3%89pargne de Paris Groupe Caisse d'épargne ( lit.   ' Savings Bank Group ' ) was a group of French savings banks that were converted into cooperative banks by legislation enacted in 1999. Its roots went back to the founding in 1818 of the Caisse d'Épargne et de Prévoyance de Paris , initiated by Benjamin Delessert and

672-520: The original aim to serve the lifelong financial needs of the lower classes were only partially met, and the client base of the Caisses d'Épargne including many members of the emerging and affluent middle classes, including women and children, albeit with significant geographical heterogeneity. The Caisses d'Épargne were not fully-fledged banks, since they were not allowed to lend. Their legal status, under successive national savings banks laws starting in 1829,

SECTION 20

#1732854887211

704-927: The postal banks have themselves been called "savings banks", e.g. the Rijkspostspaarbank in the Netherlands (est. 1881), the Caisse Nationale d'Épargne in France (est. 1882), the Austrian Postsparkasse and Hungarian Postal Savings Bank in Austria-Hungary (est. 1882 and 1886 respectively), the People's Own Savings Bank in Zimbabwe (est. 1904, renamed in 1999), the Government Savings Bank in Thailand (est. 1913),

736-537: The project. In subsequent years, Caisses d'Épargne were created in numerous French towns and cities on a decentralized basis, variously by initiative of Prefects , municipal councils, mounts of piety (traditional lending institutions overseen by the Catholic Church), and/or local religious (Catholic or Protestant ) elites. Most of these were created in the northern half of the country, and overwhelmingly served urban rather than rural areas. As in other parts of Europe,

768-793: The rest being free float. Natixis, however, soon suffered from poor capital allocation and risk management choices in the context of the Financial crisis of 2007–2008 , including on investments into Bernie Madoff 's funds. Key executives had to resign or were sacked: Nicolas Mérindol and Charles Milhaud  [ fr ] , respectively CEO and chairman of CNCE, on 19 October 2008; Bernard Comolet  [ fr ] and Bruno Mettling, respectively chairman of Natixis and CEO of BFBP, on 6 March 2009; and Dominique Ferrero  [ fr ] , CEO of Natexis, on 29 April 2009. In October 2008 Groupe Caisse d'épargne announced plans to merge with Groupe Banque Populaire, in response to recent consolidation in

800-509: The state-owned CNE. In 1983, new legislation created a central financial entity or "national center", the Centre national des caisses d'épargne et de prévoyance (CENCEP). In 1992, CENCEP was replaced by the Caisse Nationale des Caisses d'Épargne (CNCE), which unlike CENCEP was a licensed bank. In 1999, new legislation transformed the savings banks into cooperatives. These developments paved

832-631: The surviving savings banks have private-sector status and no longer operate under a distinctive legislative framework; significant exceptions include Germany and Luxembourg, where savings banks are public-sector entities. In many European languages, savings banks are referred to by a word that differentiates them from banks ( French : caisse , German : Kasse , Italian : cassa , Russian : касса , Spanish : caja ) and denotes their more restricted scope of activity, sometimes translated as "fund". That word has no direct equivalent in English; its etymology

864-471: The viewing of check images, all of which are commonplace today. This United States bank–related article is a stub . You can help Misplaced Pages by expanding it . Savings bank A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest . Savings banks have mostly existed as

896-400: The way for the gradual transformation of the decentralized network of savings banks into an increasingly integrated universal banking group in the next decade. In July 1999, CNCE acquired majority ownership of Crédit Foncier de France . Also in 1999, France's Caisse des dépôts et consignations (CDC) formed a commercial and investment banking subsidiary, CDC IXIS. In 2001, CNCE and CDC formed

928-787: Was created in 1924 in Milan , relocated in 1949 in Amsterdam and again in 1969 in Geneva and in 1994 in Brussels . Since then, the WSBI and the European Savings Banks Group (est. 1963) have operated as a single entity, representing savings banks on a European and global basis and serves as a forum to compare savings banks practices. Most of its non-European members are cooperative banks , public banks , or postal savings systems rather than savings banks in

960-517: Was created in Paris in 1818 by a group of financiers, social reformers and philanthropists that included Benjamin Delessert , Jean-Conrad Hottinguer , Joseph Marie de Gérando , Jacques Laffitte , the François Alexandre Frédéric, duc de La Rochefoucauld-Liancourt , James Mayer de Rothschild , and Vital Roux . Delessert and La Rochefoucauld-Liancourt were widely seen as the main promoters of

992-565: Was established in 1799, and postal savings banks were started in England in 1861. The original function of savings banks to service consumers was limited to savings, not borrowing, a foundational difference with cooperative banking which started developing a bit later during the 19th century. Savings banks were typically heavily regulated and supervised by local or national governments, and restricted to invest only in government debt or other instruments deemed of low financial risk. Over time, however, these distinctions have tended to erode, and over

Security First Network Bank - Misplaced Pages Continue

1024-449: Was of idiosyncratic private-sector establishments that were never associations nor commercial companies, governed by boards of co-opted volunteers. The deposits they collected were invested in government bonds. The Caisse des Dépôts et Consignations , a financial arm of the French state, was involved in the management of the collected savings from 1837, and fully centralized it from 1895. By 1881, there were 542 local Caisses d'Épargne in

#210789