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62-702: Banque Paribas opened the first Sofitel in Strasbourg ( France ) on 26 June 1964, the Sofitel Strasbourg Grande Île, which was the first 5-star hotel in the city. In the 1970s, Sofitel became an international chain of hotels. The first Sofitel in the United States opened in 1975 in Minneapolis , Minnesota . Sofitel entered the US market with a French approach to hospitality, making French baguettes on site, offering

124-497: A 28.9% stake in the French all-inclusive holidays' company Club Méditerranée . In 2005, Gilles Pélisson , nephew of Accor's co-founder Gérard Pélisson , became chairman and CEO. The investment firm Colony Capital invested 1 billion euros in Accor. The firm sold its shares of Club Med in 2006 and Red Roof Inn in 2007. In 2007, Accor launched the serviced-apartments brand Adagio in

186-553: A 50/50 venture with Pierre & Vacances , relaunched Pullman as a premium hotel brand, and the Australian All Seasons as a global midscale hotel brand. In 2008, it launched the MGallery collection of upscale "personality" hotels. In November 2010, Gilles Pélisson was replaced by Denis Hennequin as the head of Accor. Accor split its hotel activities from its voucher activities, Accor Services (which became Edenred and

248-799: A French multinational hospitality company that owns, manages and franchises hotels, resorts and vacation properties. It is the largest hospitality company in Europe, and the sixth largest hospitality company worldwide. Accor operates 5,584 locations in over 110 countries. Its total capacity is approximately 821,518 rooms (end 2023). It owns and operates brands in many segments of hospitality: Luxury ( Raffles , Fairmont , Sofitel ), premium ( MGallery , Pullman , Swissôtel ), midscale ( Novotel , Mercure , Adagio ), and economy ( ibis , hotelF1 ). Accor also owns companies specialized in digital hospitality and event organization, such as onefinestay , D-Edge, ResDiary, John Paul, Potel & Chabot and Wojo. The company

310-614: A high-end offer around the Sofitel brand inspired by the French Art de vivre was developed. Sofitel adopted an asset-light strategy (less ownership in properties) to bring more focus on hotel management and related services. Between 2009 and 2012, 30 new properties were added to Sofitel's portfolio, reaching 120 properties in 2012: The Hotel Carrasco in Montevideo , its first hotel in Uruguay , and

372-602: A strategic alliance with the China Lodging Group ( Huazhu Hotels Group - 1900 hotels) to develop its hotel brands in China. In June 2015, Accor changed its name to AccorHotels and announced a new digital strategy to federate its brands. The firm acquired FRHI Hotels & Resorts in 2015, owner of the Fairmont , Raffles , and Swissôtel luxury hotels. In 2016, AccorHotels acquired the concierge and loyalty service John Paul,

434-521: A wide selection of wines, providing bidets in 1/3 of the rooms, and hiring French chefs to manage the kitchens. The hotel turned a profit within 18 months of operations. In 1980, Sofitel was purchased by Novotel SIEH (renamed Accor in 1983), and joined the group's hotel brands: Novotel , Mercure , Ibis . The first Sofitel in Colombia opened in 1995, and the first Sofitel in Japan opened in 1996. In 1997,

496-576: Is a non-exhaustive list of notable Sofitel Hotels & Resorts properties: As a member of the AccorHotels group, Sofitel Hotels & Resorts applies the sustainable development policies set by the group. In April 2016, AccorHotels announced that a 1,000 of its hotels, including Sofitel properties, now needed to weigh and record all thrown away foods to reduce food waste . The number of items on menus shrank to 10-20 and those courses must use seasonal local products as much as possible. The group also planned

558-625: Is headquartered in Issy-les-Moulineaux , France, and is a constituent of the CAC Next 20 index on the Paris stock exchange. In 1967, Paul Dubrule and Gérard Pélisson founded the hospitality group Société d'investissement et d'exploitation hôteliers (SIEH) and opened the first Novotel hotel outside Lille in northern France. In 1974, the first Ibis hotel was launched in Bordeaux , France. Ibis

620-684: Is instead directly sponsored by the Bank of the West subsidiary. In 2018, BNP Paribas created the production company BNP Paribas Pictures, and supports young cinema talents through an investment fund dedicated to the financing and co-production of the first films of new talents in Cinema, the Fonds Nouveaux Talents. In 2019, the group supports the Femis Residence and Mille visages, which aims to democratize

682-575: Is taking full ownership of SBE's Hotel assets (except Hudson Hotel in New York and Delano in Miami) as part of its simplification and asset-light strategy. It introduced Mövenpick Living as an extension of Mövenpick brand for extended stay segment. The company announced its strategic plan to focus on lifestyle hospitality. In 2021, Accor introduced the SPAC Accor Acquisition Company (AAC) on

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744-585: The Euro Stoxx 50 stock market index . It is the second largest bank in Europe and eighth largest bank in the world by total assets. It became one of the five largest banks in the world following the 2007–2008 financial crisis . It is considered a systemically important bank by the Financial Stability Board . In the Forbes Global 2000 , BNP Paribas was ranked as the 33rd largest public company in

806-689: The Mövenpick Hotels & Resorts (84 hotels in 27 countries), and the restaurant reservation and table management company ResDiary. AccorHotels partnered with Katara Hospitality to set up a $ 1-billion Africa -focused investment fund. China Lodging Group bought 4.5% of AccorHotels. In 2019, the 21c Museum Hotels that acquired in the previous year were added to the MGallery collection. Its digital marketing companies for hotels (Availpro, Fastbooking) were merged into D-Edge Hospitality Solutions. The group took full control of Orbis (Its subsidiary AccorInvest acquired 98.6% shares of Orbis). Accor launched

868-571: The Paris stock exchange , raising 300 million euros to lead investments in hotel-related businesses, sold a 1.5% share in the Chinese hotel management company Huazhu , and invested in the Indian tech hospitality company Treebo. In October 2021, Qatar's Supreme Committee for Delivery & Legacy had signed an agreement with Accor to manage World Cup fan accommodation during the 2022 FIFA World Cup . According to

930-588: The Société Générale de Belgique established in 1822. In 1999, BNP and Société Générale fought a complex battle on the stock market, with Société Générale bidding for Paribas and BNP bidding for Société Générale and counter-bidding for Paribas. BNP's bid for Société Générale failed, while its bid for Paribas succeeded leading to a merger of BNP and Paribas one year later on 23 May 2000. In 2006, BNP Paribas purchased Banca Nazionale del Lavoro (BNL) , Italy's sixth-largest bank. On 9 August 2007, BNP Paribas became

992-746: The Sofitel Legend Metropole Hanoi in Vietnam . The 182-room Sofitel Vienna Stephansdom designed by French architect Jean Nouvel (2010); The Grand Amsterdam (2011). By 2013, Sofitel managed 8 properties in the Middle East with plans for further expansion. The Dubai Downtown opened in 2014, and Sofitel Jeddah in 2015. The Sofitel Dubai The Palm Resort & Spa and the Sofitel Bali Nusa Dua Beach Resort both opened in 2013 with plans to further develop Sofitel's network of resorts in

1054-457: The United States through its subsidiaries Bank of the West until 2023 and First Hawaiian Bank until 2019. With 190,000 employees, the bank is organized into three major business areas: Commercial, Personal Banking & Services (CPBS); Investment & Protection Services (IPS); and Corporate & Institutional Banking (CIB). BNP Paribas is listed on Euronext Paris and is a component of

1116-623: The 100% owner of BNP Paribas Luxembourg. The transfer was finalised on 1 October 2010 with the incorporation of BNP Paribas Luxembourg's business in the operational platforms of BGL BNP Paribas. In 2013 BNP Paribas was awarded the Bank of the Year award by The International Financing Review ("IFR"), Thomson Reuters ' leading financial industry publication. BNP Paribas reached an agreement in December 2013 to acquire Rabobank 's Polish unit BGZ Bank for around $ 1.4 billion. In September 2014, BNP completed

1178-663: The 3-star hotel brand SuiteHotel in 1999. In 2000, Accor took full control of Century International Hotels and Zenith Hotels International in Asia, bringing its number of hotels to 200 in the Asia-Pacific zone. The Sofitel Philadelphia (former Philadelphia Stock Exchange Building) was inaugurated, the first Sofitel to open in the US in a decade. Accor bought 20% of the Polish hotel company Orbis. In 2002, Accor settled in Mexico. In 2004, Accor bought

1240-745: The Belgian government becoming the new group's major shareholder. The sales of the Fortis shares was suspended by a court order from the Court of Appeal on Friday, 12 December In the end of January, the Belgian government and BNP negotiated for a 75% partnership in Fortis Bank Belgium. Fortis Insurance Belgium would be reintegrated in Fortis Holding. On 11 February, Fortis' shareholders decided that Fortis Bank Belgium and Fortis Insurance Belgium should not become

1302-461: The Group's large asset base (over €2 trillion) and diverse business model, and was resilient through the 2007–2008 financial crisis . Revenues from BNP Paribas CIB nearly doubled in the second quarter of 2009 as robust investor demand boosted revenues from the bank's fixed income trading business unit. CIB's revenues totaled €3.351 billion (US$ 4.82 billion) for the quarter, up 81 percent from

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1364-613: The London-based short-term vacation rental company onefinestay , 30% of the German 25hours Hotels, and 30% of the Miami-based accommodations provider Oasis. The firm also launched Jo&Joe in 2016, a new hotel brand aimed at millennials, and signed a strategic alliance with Singapore's Banyan Tree . HotelInvest was spun off. In 2017, AccorHotels acquired the B2B hotel service provider Gekko,

1426-706: The Middle East and Africa. In June 2017, Sofitel announced the construction of its highest property so far in the Middle East, the Sofitel Dubai Wafi . Sofitel worked with fashion designers to create the So Sofitel artsy hotels : Kenzo Takada for the Sofitel So Mauritius, Christian Lacroix for the Sofitel So Bangkok, Karl Lagerfeld for the Sofitel So Singapore, and Polpat Asavaprapha for

1488-567: The Sofitel Mexico City , its first hotel in Mexico , and 7 new locations in Asia . By 2010, Sofitel had more than 20 properties in China. In 2005, Accor North America decided to apply a joint-venture model on the ownership of 6 of its 11 North-American Sofitel properties to develop new growth opportunities. Then in 2007, the brand underwent a global overhaul. The number of hotels was reduced by 50% and

1550-779: The Sofitel So Hua Hin. In July 2009, Sofitel launched the “So SPA by Sofitel” concept at the Saint James Hotel in London and at the Sofitel Marseille Vieux Port location. So SPA's development in Asia started in 2013. In December 2014, during the Marrakech International Film Festival , Sofitel launched the first edition of La Nuit by Sofitel , recurring parties organized by Sofitel and happening around noteworthy fashionable events worldwide. This

1612-628: The US-based economy lodging company Red Roof Inn (322 hotels), and announced the creation of Accor Economy Lodging to bring Motel 6 and Red Roof Inn under one roof. Along with Colony Capital , it acquired the hotel brands Libertel and Demeure (40 properties in Europe). Accor settled in the United Kingdom with the opening of a Sofitel in the previous Cox & Co bank in Central London . Accor launched

1674-459: The acquisition of the fine catering company Potel & Chabot, and the event and entertainment organization company Noctis (renamed Paris Society). In 2018, AccorHotels sold 55% of HotelInvest for €4.4 billion and renaming it AccorInvest and launched a tender offer to take full control of Orbis. It acquired the Mantra Group (134 hotels under the brands Mantra, Peppers, Breakfree, Art Series),

1736-459: The agreement Accor will provide staff to manage and operate more than 60,000 rooms in apartments and villas. The same month, Accor and Ennismore finalized their joint-venture of 14 hotel brands. Accor was the majority stakeholder (then sold 10.8% to a consortium of Qatari investors ), and the founder of Ennismore Sharan Pasricha held a minority stake. Accor and the Italian hotel group Arsenale announced

1798-595: The announcement. To comply with the transaction ban, BNP Paribas will use a third party to clear its US transactions. On 6 February 2024, the Federal Reserve announced that it had lifted a pair of 2014 enforcement actions it imposed on France's BNP Paribas, after the bank overhauled its compliance with U.S. sanctions laws. [1] In 2010 the French government's Autorité de la concurrence fined BNP and 10 other banks €384 million for colluding to charge unjustified fees on check processing , including extra fees during

1860-621: The bank has hedged their positions if the trades have not been booked. BNP Paribas has been a major sponsor of tennis. In 1973 it became the major sponsor of the French Open , one of the four prestigious Grand Slam tournaments in the sport. In 2001 the bank began to sponsor the Davis Cup before becoming the title sponsor in 2002. In 2002 it became the sponsor of the Paris Masters , an ATP World Tour Masters 1000 tournament. In 2008 it became

1922-415: The certification agency Bureau Veritas launched a label guaranteeing high safety and cleanliness measures in the group's hotels and restaurants, and signed a strategic partnership with the insurance company Axa to provide medical assistance to the guests of its hotels worldwide. In 2020, Accor opened more than 200 new hotels including its flagship Raffles Bali. On 24 November 2020, it announced that it

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1984-399: The cinema environment and create bridges between the different professions in cinema. The group also participates in the restoration of cinematographic works such as Charlie Chaplin 's " Modern Times " in 2003. Between 1981 and early May 2020, BNP Paribas was a partner of the Belgian club RSC Anderlecht for 39 years through BNP Paribas Fortis . AccorHotels Accor S.A. is

2046-658: The executive committee are composed as follows: As of 17 May 2021 As of 31 December 2023 BNP Paribas CIB (Corporate and Institutional Banking) is the global investment banking arm of BNP Paribas, the largest banking group in the world. In October 2010, BNP Paribas was ranked by Bloomberg and Forbes as the largest bank and largest company in the world by assets with over US$ 3.1 trillion. BNP Paribas CIB's main centres are in Paris and London , with large scale operations in New York , Hong Kong , and Singapore , and smaller operations in almost every financial centre in

2108-618: The firm acquired the economy lodging company Motel 6 (536 motels in the United States). In 1991, it acquired the Compagnie Internationale des Wagons-Lits , which owned Pullman Hotels and Resorts , Altea, and Europcar . Accor also launched another economy hotel, Etap Hotel. In 1994, it merged the Compagnie Internationale des Wagons-Lits with Carlson Travel Network to create Carlson Wagonlit Travel (now CWT ). In

2170-530: The first major financial group to acknowledge the impact of the sub-prime crisis by closing two funds exposed to it. This day is now generally seen as the start of the 2007–2008 financial crisis and the bank's quick reaction saved it from the fate of other large European banks such as UBS . On 6 October 2008, BNP took over 75% of troubled bank Fortis ' activities in Belgium , and 66% in Luxembourg , in exchange for

2232-979: The group announced the opening of the Sofitel New York Hotel , a $ 90 million investment on West 44th Street between Fifth Avenue and Avenue of the Americas (next to the New York Yacht Club ). In the early 2000s, Sofitel went through a major expansion plan in Asia , targeting beach resorts in Thailand , China and Indonesia . Sofitel also opened the Sofitel Tokyo, the Sofitel St James London, Sofitel Chicago Water Tower , Sofitel Lafayette Square Washington D.C., Sofitel Marrakech, Sofitel Silom Bangkok, Sofitel Montréal and Sofitel Buenos Aires . Between 2003 and 2004, Sofitel opened 14 locations, including

2294-423: The largest fine ever for violating U.S. sanctions, and substantially more than the previous record of $ 1.9 billion. BNP Paribas was also barred for one year under the plea agreement from certain US dollar-dominated transactions. The fine exceeded the bank's $ 6.4 billion 2013 annual income and the $ 1.1 billion it previously had allocated for the anticipated fine. The bank's failure to cooperate with

2356-869: The launch of the Orient Express La Dolce Vita luxury trains. and the groups started to test urban autonomous cars with Citroën and JCDecaux . Accor committed to decarbonize all its operations, aiming 46% emission reduction by 2030 and net zero by 2050, a plan validated by the Science Based Targets Initiative . The group then issued its first sustainability-linked bonds for an amount of 700 million euros. In 2022, Accor bought Cunard's Queen Elizabeth 2 from PCFC Hotels and launched its All-Inclusive Collection. In 2023, Accor restructured into two distinct business units: "Economy, Midscale & Premium" unit (Ibis, Novotel, Mercure, Swissôtel, Mövenpick, Pullman, TRIBE from October 2023) and

2418-499: The leadership of the Communications Director, Antoine Sire) is called the "courbe d'envol" (curve of taking flight). The stars allude to Europe and universality. The transformation of the stars into birds conveys openness, freedom, growth, and the ability to change and adapt. The shape and movement of the curve places the logo in the universe of life. The green square symbolises nature and optimism. The General Management and

2480-437: The mid-90s, Accor shifted its interest towards luxury and premium brands, and moved towards an asset-light model to focus on brand and product management, rather than property management. Economy and midscale brands remained the group's cash cow and enabled it to invest in less profitable but strategic upscale and luxury brands. In 1997, the firm acquired the casino company SPIC, which became Accor Casino. In 1999, it acquired

2542-436: The multi-year investigation was given as a significant factor in the size of the fine. Additionally, BNP Paribas continued to process sanctioned transactions after the investigation began. After the fine was announced, BNP said it would be "just fine" and that it had "a comprehensive plan" to avoid similar violations in the future. The company's stock, which had fallen 12% since news of the investigation first leaked, rose 4% on

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2604-949: The new midscale hotel brand Tribe (born under the Mantra Group Management). After buying 50% of the SBE Entertainment Group (owner of Mondrian Hotels ) in October 2018, Accor and SBE jointly launched the luxury hotel brand The House of Originals, and the premium hotel brand Hyde in Australia . In September 2019, Accor launched its first environment-conscious hotel brand, greet, with the first hotel opened in April that year in Beaune . On 3 December 2019, Accor repositioned its brand as ALL - Accor Live Limitless. The update merged Accor and its loyalty offering Le Club into one unified brand, ALL. In

2666-483: The opening of 1,000 vegetable gardens within its properties, including Sofitel properties, by 2020. In Etterbeek , the honey served by Sofitel is produced on the building's roof by a professional beekeeper. [REDACTED] Media related to Sofitel at Wikimedia Commons Banque Paribas BNP Paribas (sometimes referred to as BNPP or BNP ) is a French multinational universal bank and financial services holding company headquartered in Paris . It

2728-400: The premier apartment hotel brand The Sebel. In August 2013, Sébastien Bazin became chairman and CEO of Accor. He introduced a new economic model around two poles: HotelServices, which operates and franchises hotels, and HotelInvest, which owns hotels and leads investments. In 2014, Accor bought a 35% share in Mama Shelter (5 hotels) whose chief designer is Philippe Starck , and signed

2790-524: The private sales website for hotel deals VeryChic, and merged Squarebreak and Travel Keys into onefinestay, and launched the MoodMatch app on its website through a partnership with Travelsify. On the same year, AccorHotels also acquired 50% of the Orient Express brand in a move to relaunch it as a luxury hotel brand. the group announced its strategic intention (dubbed Accor Local) to broaden its marketing to locals, instead of targeting only visitors and travelers. It also diversified its portfolio of assets with

2852-490: The property of BNP Paribas. However, the acquisition was completed, and BNP Paribas took 75% shareholding and renamed the new subsidiary BNP Paribas Fortis . After this only Fortis Insurance International was left in Fortis Holding and this was renamed as Ageas , a business that had Insurance all over Europe and Asia. In April 2024, it was announced BNP Paribas had acquired Fosun International's entire 9% stake in Ageas, worth €730 million. The remaining Fortis Bank Netherlands

2914-613: The purchase of BGZ Bank for a final fee stated in the media to be $ 1.3 billion. 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. BNP Paribas has around $ 80 billion under management in Asia by 2024. The bank has hired 20 private bankers, including Tiffeny Situ from Morgan Stanley , Wendy Chan from Citigroup and Martin Loh from Credit Suisse Group , as part of its expansion program. In 2022, total revenues of €50.4 billion represent an increase of 9% compared to 2021, BNP Paribas remains at

2976-421: The second quarter of 2008, and following record revenues of €3.696 billion in the first quarter of 2009. In 2016 BNP reached a $ 40m settlement with a Jewish employee. The employee had been made to watch a training video. The film portrayed Adolf Hitler as the CEO of Deutsche Bank , one of BNP's competitors and the Nazi soldiers around him as Deutsche Bank executives. The video showed Hitler screaming at

3038-442: The soldiers. Also, his colleagues made a number of anti-semitic comments during his time at BNP Paribas. On 30 May 2014, The Wall Street Journal reported that the United States Department of Justice was negotiating a possible guilty plea with BNP Paribas as well as the size of the resulting fine for violating U.S. regulations and evading US sanctions. The Justice Department sought a fine of more than US $ 10 billion, which

3100-466: The sponsor of the BNP Paribas Primrose Bordeaux , an ATP Challenger Tour tournament. The company's sponsorship expanded to the United States in 2009 when it became the title sponsor of the Indian Wells Masters , an ATP World Tour Masters 1000 two-week tournament in California. It also sponsored the BNP Paribas Showdown and BNP Paribas Tennis Classic exhibition tournaments held in New York City and London respectively. The Stanford Classic , since 1992,

3162-419: The top of the French banks' ranking in terms of activity. During this year, BNP Paribas Group net income attributable to equity holders increased to 7.5% (to 10.2 billion euros). The geographic breakdown of Net Banking Income (NBI) at the end of 2020 is as follows: Europe (72.2%), North America (12.9%), Asia Pacific (8.6%) and others (6.3%). The BNP Paribas logo since 2000 (designed by Laurent Vincent under

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3224-413: The transition from paper check transfer to "Exchanges Check-Image" electronic transfer. The German Frankfurter Allgemeine Zeitung FOCUS , Bloomberg and the French Les Échos newspapers published an article regarding a €152 million mistrade ( erroneous trade ) in which BNP Paribas Arbitrage was allegedly involved. The bank has sold securities for €326,400 to the investor Armin S. but

3286-581: The value of the securities is €163 million according to the bank. According to the article, the error remained unnoticed for several days. BNP has even reconfirmed the original price. The Financial Times published an article in March 2018 about the case with the title "BNP Paribas failed to book trades in Germany for a week". It cites internal documents that show it did not book all trades that happened in structured products in Germany from 2 to 9 December 2015. The Financial Times estimates that 8,500 trades might have been affected. It also questions if

3348-413: The wake of the COVID-19 pandemic , Accor created CEDA (Coronavirus Emergency Desk Accor), a platform centralizing needs and providing accommodation solutions in France for front-line medical staff and vulnerable populations. The group allocated 70 million euros to launch the ALL Heartist Fund which was designed to assist employees and individual partners experiencing great financial difficulties. Accor and

3410-440: The world. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . Although a French banking group, the Belgian government has been a significant shareholder since 2009 (with 5.3% equity ownership as of mid-2023) as a result of the group's acquisition of Fortis Bank Belgium , heir to

3472-525: The world. It employs 185,000 people across 56 countries and provides financing , advisory and capital markets services. BNP Paribas CIB is a globally recognised leader in two areas of expertise: trading derivatives on all asset classes , and structured financing . BNP Paribas CIB also has a large corporate advisory network in Europe and Asia . BNP Paribas CIB has 13,000 clients, consisting of companies, financial institutions, governments, investment funds and hedge funds. BNP Paribas CIB benefits from

3534-492: Was expected to be reduced to $ 8 or $ 9 billion in negotiations. BNP Paribas was said to have laundered up to US$ 100 billion from the sanctioned countries of Sudan, Iran, and Cuba. On 1 July 2014, BNP Paribas pled guilty in a New York state court to falsifying business records as well as conspiracy in connection to those falsifications. It was also expected to plead guilty in federal court to violating laws against money-laundering. It agreed to pay $ 8.9 billion,

3596-457: Was founded in 2000 from the merger of two of France's foremost financial institutions, Banque Nationale de Paris (BNP) and Paribas . It also incorporates many other major institutions through successive acquisitions, including Fortis Bank in Belgium , Direkt Anlage Bank in Germany , Banca Nazionale del Lavoro in Italy, Banque Générale du Luxembourg in Luxembourg , and Türk Ekonomi Bankası in Turkey . The group has also been present in

3658-461: Was in the hands of the Dutch Government which merged it with other ABN AMRO holdings it already owned under the name ABN AMRO . In May 2009, BNP Paribas became the majority shareholder (65.96%) of BGL (formerly Fortis Bank Luxembourg), the State of Luxembourg retaining 34% making BNP the eurozone 's largest bank by deposits held. On 21 September, the bank's registered name was changed to BGL BNP Paribas and in February 2010, BGL BNP Paribas became

3720-511: Was introduced to the Paris stock exchange the same year. Accor is based on the word "Accord" meaning "agreement" in French. In 1984, Accor bought the Quiberon thalassotherapy center, which became the first of the Thalasso Sea & Spa brand, and acquired the fine catering company Lenôtre the following year. In 1985, the firm launched Formule 1 , a brand of low-cost hotels. The buildings themselves were modular blocks manufactured in factories and assembled onsite to minimise costs. In 1990,

3782-610: Was listed on the stock exchange). Suitehotel was merged with Novotel. In 2011, Accor revamped the Ibis brand by creating ibis Styles (formerly All Seasons) and ibis budget (formerly Etap Hotel). The group sold the fine catering group Lenôtre, and the Compagnie Internationale des Wagons-Lits . In 2012, the group launched the regional premium brand Grand Mercure in China (MeiJue), and sold Motel 6 . In 2013, Accor redefined its group business model on two core competencies: hotel operator and brand franchisor (HotelServices), and hotel owner and investor (HotelInvest). The group acquired

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3844-419: Was then considered a light version of Novotel. In 1975, Novotel-SIEH acquired the restaurant brand Courtepaille and the Mercure hotels. In 1980, Novotel-SIEH acquired the Sofitel hotels (43 hotels). In 1981, Novotel-SIEH entered the Asian market with the opening of a Novotel in Singapore . In 1983, Novotel-SIEH acquired and merged with the group Jacques Borel International to create the Accor group, which

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