Paris - Banca Commerciale Italiana France (Comitfrance), later Banca Sudameris France and subsequently Banca Commerciale Italiana France

city Paris
address 9 Rue de la Chaussée d'Antin
2 Rue Meyerbeer
RESOLUTION OF BOARD OF DIRECTORS 17.09.1918
27.02.1919
OPENING 07.12.1918
CLOSING 2003
description

Comitfrance was founded in December 1918 as a consequence of the fiscal issues impeding the creation of a branch in Marseilles that had been approved earlier by BCI's Board of Directors. To get around the problem, a decision was made to set up an ad hoc company that would be in charge of implementing BCI's own bank transactions as well as those on behalf of others, managing general warehouses and nurturing relations with businesses.
The head office was in Paris; however, there were no operating branches there, as Sudameris was in the capital to fulfil this need. Instead, Comitfrance established a network of branches in Marseilles and in the French Riviera, where it bought out the Union Franco-Italienne du Crédit Coopératif. The Bordighera and Ventimiglia branches were tranformed into BCI agencies reporting to its Genoa branch, while those in Menton, Beaulieu, Monte Carlo, Monaco and Nice became part of Comitfrance, making up the so-called "Maritime Alps Group". In February 1929 a branch was also opened in Casablanca.
Although its headquarters was officially in Paris, in reality Comitfrance's work was done through its Nice and Marseilles offices, while its branches were in effect managed by BCI.
While in its early years Comitfrance played an important role as a lender (for example to Handlobank, Compagnie Neerlandaise de l'Azote and Société des Phosphates Tunisiens), later it turned its focus exclusively to commercial aims and activities.
In 1962, the Casablanca branch was sold to Banque Marocaine du Commerce Extérieur, in which Comitfrance held a large stake, second only to the majority one held by the Moroccan government.
In order to better coordinate the group's operations in France, in 1978 Sudameris created Banque Sudameris France S.A., bringing together Comitfrance, Crédit d'Escompte (already 100% controlled by Sudameris) and Sudameris' activities in the largest cities.
In 1991 Banque Sudameris France's name was changed once again: it became Banca Commerciale Italiana (France) SA following BCI's acquisition of 90.04% of its shares (it already owned the rest), which once again gave the bank independence from Sudameris. In 2003 Banca Commerciale Italiana France was merged into Banca Intesa France.
BIBLIOGRAPHY

ASI-BCI, VCA; February 27, 1919; vol. 5, pp. 63-64
ASI-BCI, Inspection reports of Merzagora, cart. 9
ASI-BCI, Financial Statements
ASI-BCI, Signature Books
other banks in the same country Paris - Sanpaolo IMI, later Intesa Sanpaolo - Representative Office Paris - Banque Française & Italienne pour l'Amérique du Sud (Sudameris) Paris - Banco di Napoli - Representative Office Paris - Cassa di Risparmio di Firenze - Representative Office Paris - CARIPLO - Representative Office Paris - Banque Commerciale Tunisienne, later Société Générale de l'Afrique du Nord Paris - Banque Industrielle de Chine, later Banque Franco-Chinoise pour le Commerce et l'industrie Paris - Banca Commerciale Italiana - Representative Office Paris - Istituto Bancario San Paolo - Representative Office Paris - Istituto Bancario San Paolo - Branch Paris - Banco di Napoli - Branch Paris - Compagnie International de Banque (CIB), later Cariplo Banque and Banca Intesa (France) SA Paris - Banque Vernes et Commerciale de Paris, later Banque Sanpaolo
see in the map
Banca Commerciale Italiana (BCI) France