The Banque d'Outremer (lit.'Bank of Overseas'), initially known as the Compagnie Internationale pour le Commerce et l'Industrie (CICI) was a Belgian financial institution, established in 1899 in the context of the exploitation of the Congo Free State, and eventually merged into the Société Générale de Belgique in 1928.
Despite its name, the Banque d'Outremer acted mostly as an investment company that invested into projects in Congo but also Canada, China, the Dutch East Indies, and Russia.[1]
The chairman was initially the SGB's Joseph Devolder[fr], while Thys was managing director. Thys subsequently took over the chairmanship in 1911, while Émile Francqui became managing director, a position he only held until 1913. Thys himself died unexpectedly in 1915, upon which Francqui returned as acting chairman.[1]:III
In 1909, the Banque d'Outremer was a founding shareholder of the Banque du Congo Belge.
Under the German occupation of Belgium during World War I, the Banque d'Outremer was placed under tight oversight of German commissioners, and underwent financial restructuring in 1916.[1]:IV In 1919, Francqui fostered a strategic agreement between the Banque d'Outremer and the SGB that led to the departure of Albert Thys's son William, who went on to lead the Banque de Bruxelles.[1]:VI
The SGB eventually absorbed the Banque d'Outremer through an all-shares merger in February 1928, further cementing its dominant position in the economy of Belgium and of its African colonies.[1]:VII
Head office
The Banque d'Outremer was located on rue de Namur 48 in Brussels, in the same urban block as the CCCI, not far from the Royal Palace of Brussels and its annex the so-called Norwegian chalet that hosted the Free State's offices.[2] The property was rebuilt on a 1916 design by architect Jules Brunfaut.[3] By the late 2000s it was rented by the Belgian Federal Public Service Foreign Affairs.[4] More recently it has become the Brussels Campus of United Business Institutes.[5]
This article uses material from the Wikipedia article Banque_d'Outremer, and is written by contributors.
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