Librairie Droz (Suisse)

Sciences sociales

Hubert BONIN

French Banks and the Greek “Niche Market” (mid-1880s-1950s)

Publications d'histoire économique et sociale internationale

TABLE OF CONTENTS Acknowledgments and Precisions A Perspective on Archives Introductory Issues 1. French banks in key and emerging markets 2. Greece and the north-east Mediterranean area as targets for French banks. PART I : A RENEWED MEDITERRANEAN SCOPE Introduction Chapter 1. European and Mediterranean connections within the emerging second banking revolution (1860s-1890s) 1. Emerging connections till the 1860s 2. French finance considering a Greek Eldorado? 3. A day-to-day banking relationship? 4. Prevailing uncertainties Conclusion Chapter 2. French banks and Greek finance (c.1870s-1890) 1. The first financial experiences (1833-1879) 2. French banks and the 1881 issue 3. French banks and the 1884 issue 4. French banks involved in the 1887 issue 5. French banks involved in advances to the Greek Treasury Conclusion Chapter 3. Greece as a niche market for investment banking (c.1890s-1914) 1. A second offensive in project financing? 2. French interests in the future northern Greece 3. Financing infrastructure in Greece itself Conclusion Chapter 4. A second offensive in capital finance? 1. The effects of the 1893 default and of the 1897 defeat 2. Rebuilding confidence (1898) 3. The 1898 issue of Greek bonds 4. A light financial relationship between 1898 and 1910 5. A succession of advances and issues (1907-1911) 6. Preparing a big issue (1910-1914) Conclusion Chapter 5. The robust growth of correspondent banking (c.1890s-1914) 1. Nbg well treated in France 2. Brokerage for the account of nbg 3. Cash accounts management Conclusion Chapter 6. Greece within French banks’ strategic scope (1890s-1914). The case of Banque d’Athènes 1. Banque d’Athènes before the partnership with Bup 2. A sustainable partnership between Banque d’Athènes and Bup 3. The rapid growth of Banque d’Athènes 4. Bup as a partner of Banque d’Athènes Conclusion Chapter 7. Banque de Salonique as a challenge by French banks 1. Salonica as a business port-city 2. The scramble for Salonica 3. The convergence between Levantines and Westerners Conclusion The headquarters of Banque de Salonique Chapter 8. Banque de Salonique as a robust bank (at the turn of the 20th century) 1. A moderate growth which accelerated in the 20th century 2. A network of branches on two continents 3. Banque de Salonique’s banking business and trade 4. A diversified bank Conclusion Chapter 9. Société générale as Banque de Salonique’s godmother 1. Headquarters as a beacon of a mighty bank 2. Société générale as Banque de Saloniques partner (from 1907-1908) 3. Banque de Salonique refinanced by its sponsors 4. Banque de Salonique as Société générale’s bridgehead in the Ottoman Empire? 5. Banque de Salonique shaken by the Balkanic Wars 6. The Banque de Salonique’s future inquestion (1913-1914) Conclusion First Part. Conclusion PART II : FRANCO-GREEK BANKS CONFRONTED BY GEOPOLITICAL CHALLENGES AND THE GROWTH OF THE AEGEAN (1914-1930) Introduction Chapter 10. Banque d’Athènes and Banque de Salonique confronted by World War I 1. Dependance upon war events 2. The traditional banking operations 3. The banks in the war economy Conclusion Chapter 11. Banque de Salonique becoming less and less Greek: new sponsor, new business domains 1. Société générale withdrawing from Banque de Salonique 2. Cfat as the Banque de Salonique’s godfather 3. Banque de Salonique as a Turkish commercial bank 4. Banque de Salonique’s initial hesitation in Greece 5. Banque de Salonique regaining momentum Conclusion Chapter 12. Franco-Greek banking co-operation and Banque d’Athènes in the 1920s 1. Banque d’Athènes as the Banque de l’union parisienne’s cherished godchild 2. The expansion of the second Greek bank 3. A Franco-Greek bank without sufficient Franco-Greek business relations Conclusion Chapter 13. French banks faced by European competition in Greek financial affairs during the 1920s 1. The Franco-Greek banking community and Greek financial transactions 2. Was Banque d’Athènes a relay for investment activities in Greece? Conclusion Chapter 14. Banque d’Athènes established as the second Greek bank during the 1920s 1. The second Greek bank 2. A peculiar balance sheet 3. A profitable and successful enterprise? Conclusion PART III :THE LOST DECADES (1930s-1950s) Introduction Chapter 15. Banque d’Athènes and the crisis of the 1930s 1. The breakdown of Franco-Greek financial links at the heart of the debt crisis 2. The Franco-Greek commercial downturn at the heart of the general slump 3. Was Banque de l’union parisienne trapped in its Greek affaires? 4. Banque d’Athènes as more of a Greco-American bank 5. A Franco-Greek bank or a Greek bank? 6. A hardy establishment Conclusion Chapter 16. Banks involved in the overall fate of Greece at war 1. Banque d’Athènes during the conflict 2. Banque de Salonique during the conflict 3. A sequel of WWII: the civil war Conclusion Chapter 17. The uncertain future of French banking interests in Greece (1945-1953) 1. Prevailing uncertainties 2. The continuity in the Banque d’Athènes’ management 3. The Banque d’Athènes’ resurgence 4. The resumption of partnerships and sponsorships 5. The Reintegration into the international circuit 6. A contrasting balance sheet profile Conclusion Chapter 18. Banque de l’union parisienne far from Banque d’Athènes 1. Reconsidering the Greek niche strategy 2. The merger between Banque d’Athènes and Nbg (1953) 3. Abandoning the Greek overseas market General Conclusion 1. Internationalised bankers: Their portofolio of activities and skills. 2. Banking outlets in East Mediterranean and the Aegean Sea 3. A stop to the niche strategy 4. The return of French banks?

L'état actuel des relations bancaires et financières entre la Grèce et l'Europe occidentale ne renvoie pas une image positive, en dépit de leur amitié et de leur patrimoine historique et philosophique commun. Dès le milieu du XIXe siècle, pourtant, le philhellénisme a mobilisé le monde de la banque et de la finance, et le marché parisien a été intimement lié au monde du négoce des villes portuaires de la Mer Egée et à leurs ramifications en Egypte, à Constantinople, dans les zones entourant la mer Noire et à Marseille. Ainsi, plusieurs banques françaises, notamment le Crédit lyonnais, le Comptoir national d'escompte de Paris, Paribas, la Banque de l'union parisienne, la Société générale et le Crédit foncier d'Algérie et de Tunisie, ont eu de forts engagements bancaires et financiers avec les villes méditerranéennes et égéennes où les diasporas grecques étaient actives. Ces "cités-ports" ont joué un rôle majeur dans le déploiement de la « stratégie de niche » mise en place par les banques françaises, en complément des gros marchés américain, russe, chinois et ottoman. La place parisienne a même contrôlé des banques soeurs à Salonique et à Athènes, avec des partenariats durables. S’appuyant sur de nombreuses archives, cet ouvrage permet de reconstituer leurs stratégies financières, en fonction de la conjoncture européenne et de la situation économique grecque.

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