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The Société des Dépôts et Comptes Courants (French pronunciation: [sɔsjete de depo e kɔ̃t kuʁɑ̃], SDCC) was a French bank, created in 1863 and liquidated in 1891. Its business was subsequently taken over by the recently restructured Comptoir d'Escompte de Paris.
Overview
In 1862–1863, Armand Donon fostered the creation of the Société des Dépôts et Comptes Courants and became the new institution's chairman. The SDCC was formally established by executive order (French: décret) on 6 July 1863. The bank was initially established at 3, rue Ménars in Paris, then on the Place Vendôme, and eventually in 1896 in a new building at 2, place de l'Opéra, at the time one of the most prestigious addresses in Paris.
From the late 1870s, Donon engaged in increasingly reckless risk-taking at the SDCC and withheld the relevant information from the bank's board. The situation became untenable and developed into a bank run on 11 March 1891, which the Bank of France addressed by providing emergency liquidity and eventually winding up the bank on 7 April 1891. The SDCC was subsequently absorbed in 1892 by the Comptoir national d'escompte de Paris.
See also
Notes
- ^ Nicolas Stoskopf (2009), Dictionnaire historique des banques du groupe CIC (PDF), Éditions La Branche
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