Banque de Commerce

Building on Lange Gasthuisstraat 9–11 in Antwerp, head office of the Banque de Commerce from 1907 to 1968; repurposed as a clothing store in 2002[1][2]
Building at Place Royale 6 (right), Banque de Commerce's Brussels branch from 1929 to 1968, later ING Art Center

The Banque de Commerce (French pronunciation: [bɑ̃k də kɔmɛʁs]) was a medium-sized Belgian bank. It was founded in Antwerp in 1780 by Charles Jean Michel De Wolf and was known as the Banque De Wolf until 1893. Just before World War I, it was the sixth-largest bank by total assets in Antwerp,[3]: 117  and before World War II, the second-largest.[4]: 59 

From the aftermath of World War I, the Banque de Commerce then successively controlled by Barclays, Banque de Bruxelles, and Chase Manhattan Bank which in 1985 rebranded it Chase Banque de Commerce S.A. / Chase Handelsbank N.V., then eventually acquired in 1989 by France's Crédit Lyonnais.

Name

Even though the bank was primarily active in the Dutch-speaking part of Belgium, for most of its existence it was generally referred to by its French name including in Dutch-speaking or English-speaking contexts.[1][3] In the 1980s, as sensitivities about language had evolved in Belgium, Chase adopted a bilingual approach for its rebranding.[5]

Overview

In 1780, Charles Jean Michel De Wolf, who was born in 1747 from a middle-class Antwerp family, initiated a banking business. In 1791 he started lending to the fledgling U.S. federal government, whose early creditworthiness he helped to establish.[6] After De Wolf's death in 1806, his banking business was run until 1861 by Pierre Joseph de Caters [fr], who in 1810 had married De Wolf's young widow Jeanne Antoinette de Wolf-Ergo (1772-1857). In 1882, the private bank was transformed into a joint-stock bank, branded Banque C.J.M. de Wolf with reference to its founder. That same year, the bank had a new head office built on Maarschalk Gérardstraat 2 in Antwerp, designed by architect Edmond Leclef [fr].[7]

In 1893, Banque C.J.M. de Wolf was rebranded Banque de Commerce.[3]: 107  Following World War I, Barclays acquired a controlling stake. In 1922–1926, the bank built a prominent head office building in Antwerp by expanding the former Hotel Vecquemans designed in the second quarter of the 18th century by Jan Pieter van Baurscheit the Younger on Lange Gasthuisstraat 9–11. It also opened branches in Brussels and Ostend.[1] In 1929 its Brussels branch opened in the prestigious Hotel Coudenberg [nl] building at No. 6 Place Royale, after renovation on a design by architect Henry Lacoste [fr].[8]: 237–238 

In 1962, Barclays sold its controlling stake in Banque de Commerce to Banque de Bruxelles.[9]: 7  in 1965–1966, Banque de Bruxelles sold half of the equity to Chase Manhattan Bank. As a result, Banque de Commerce became a joint venture which focused on serving subsidiaries of foreign multinationals operating in Belgium.[5] Its head office was relocated from Antwerp to Brussels in 1968.[9]: 8 

In 1978, Chase bought the remainder of shares of Banque de Commerce from Bank Brussels Lambert, and in 1985 rebranded it as Chase Banque de Commerce S.A. (in French) and Chase Handelsbank N.V. (in Dutch).[10] In 1986, the bank acquired the Belgian retail operations of Manufacturers Hanover Corporation.[11] In 1989, Chase sold it to Crédit Lyonnais which was in a phase of rapid expansion.[12] Crédit Lyonnais' Belgian operations were in turn acquired in 1998 by Deutsche Bank.[13]

See also

Notes

  1. ^ a b c Jo Braeken (2017). "Banque de Commerce". Inventaris Vlaanderen.
  2. ^ "Verso Antwerp". verso.com.
  3. ^ a b c Patrick Pieters (2008), Het ontmoetingsnetwerk van de Antwerpse bankierselite aan de vooravond van de Eerste Wereldoorlog (PDF), University of Antwerp
  4. ^ Federal Reserve Board (June 1944), Army Service Forces Manual M361-5 / Civil Affairs Handbook Belgium Section 5: Money and Banking, Washington DC: U.S. Army Service Forces
  5. ^ a b "Major Milestones in the Firm's History in Belgium". J.P. Morgan.
  6. ^ Josse Borremans (2019). "Charles Michael de Wolf & Certificate 114". Chase Alumni Association.
  7. ^ Jo Braeken (2017). "Banque C.J.M. De Wolf". Inventaris Vlaanderen.
  8. ^ Suzanne Van Aerschot-Van Haeverbeeck (1993). Bouwen door de eeuwen heen in Brussel (PDF). Liège: Pierre Mardaga.
  9. ^ a b "L'internationalisation du système bancaire belge", Courrier Hebdomadaire du CRISP, 551, 1972
  10. ^ Marc Smits (2019). "CAA Belgium - Third Reunion Luncheon in Antwerp, Friday, March 29, 2019". Chase Alumni Association.
  11. ^ "Banking briefs". UPI Archives. 16 June 1986.
  12. ^ "Le Crédit lyonnais acquiert la Chase-Banque de commerce en Belgique". Le Monde. 28 March 1989.
  13. ^ Michel Dumoulin (3 December 1998). "La Deutsche Bank a pris mercredi le contrôle du Crédit Lyonnais Belgium". Le Temps.