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138-563: Société Générale S.A. ( French: [sɔsjete ʒeneʁal] ), colloquially known in English speaking countries as SocGen ( French: [sɔk ʒɛn] ), is a French multinational universal bank and financial services company founded in 1864. It is registered in downtown Paris and headquartered nearby in La Défense . Société Générale is France's third largest bank by total assets after BNP Paribas and Crédit Agricole . It

276-541: A long siege and as part of the terms of surrender its Protestant citizens were given two years to settle their affairs before quitting the city. Most went to the United Provinces in the north, starting the Dutch Golden Age . Antwerp's banking was controlled for a generation by Genoa , and Amsterdam became the new trading centre. The recognition of the independence of the United Provinces by

414-551: A Gallo-Roman vicus . Excavations carried out in the oldest section near the Scheldt in 1952–1961 (ref. Princeton), produced pottery shards and fragments of glass from mid-2nd century to the end of the 3rd century. In the 4th century, Antwerp was first named, having been settled by the Germanic Franks . The Merovingian Antwerp was evangelized by Saint Amand in the 7th century. Het Steen Castle has its origins in

552-528: A Gamma + (third level/top tier) Global City . Both economically and culturally, Antwerp is and has long been an important city in the Low Countries , especially before and during the Spanish Fury (1576) and throughout and after the subsequent Dutch Revolt . The Bourse at Antwerp , originally built in 1531 and re-built in 1872, was the world's first purpose-built commodity exchange . In 1920,

690-468: A backdrop of deregulation and technological change, internationalisation of the markets and the emergence of new financial instruments, Société Générale set itself two commercial objectives. It focused increasingly on private customers via its network of branches and by acquiring specialised subsidiaries. It pursued and expanded its activities in the capital markets in France, and then, on a selective basis, in

828-653: A backdrop of tougher competition. During the 1st quarter 2004, the third branch of activity of the Société Générale Group, GIMS Global Investment Management and Services was created. In February 2004, Société Générale set up a new division named SG GSSI, Global Securities Services for Investors, which provides investor services on securities and derivatives, attached to the GIMS which regroups SG Asset Management, SG Private Banking and SG Global Securities Services for Investors. GIMS employed 7,600 people. In 2005,

966-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

1104-670: A branch in Antwerp , at No.72-76 of Meir . By 1913, Société Générale had 122,000 shareholders. The war years were difficult and had serious consequences with the loss of Russian business. However, during the 1920s Société Générale became France's leading bank: its network had grown sharply since the 1890s, with a huge number of branches and seasonal offices allowing in-depth penetration of the provincial market (260 seasonal offices in 1910 and 864 in 1930). The number of sales outlets rose from 1,005 in 1913 to 1,457 in 1933 (including those operated by Sogenal  [ fr ] ). Thanks also to

1242-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

1380-622: A cultural centre, has been built in Antwerp (Wilrijk). Ramesh Mehta, a Jain, is a member of the Belgian Council of Religious Leaders, put up on 17 December 2009. There are significant Armenian communities that reside in Antwerp, many of whom are descendants of traders who settled during the 19th century. Most Armenian Belgians are adherents of the Armenian Apostolic Church , while a smaller number are adherents of

1518-472: A department created in mid-2001 , the purchase of two Deutsche Bank subsidiaries, ALD Automotive for multi-brand auto leasing and financing and GEFA for corporate sales financing enabled Société Générale to increase its European presence in these sectors. In 2002, it continued to pursue its external growth strategy by purchasing Hertz Lease, a European subsidiary specializing in long-term leasing and fleet management for Ford Motor Company vehicles. With

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1656-664: A diverse range of parks and recreational areas for locals and tourists to explore. One of the most popular attractions is the Antwerp Zoo . It opened on 21 July 1843, making it one of the oldest and most famous zoos in the world. The zoo covers an area of 10 hectares and is home to more than 5,000 animals from over 950 species. The zoo is located right next to Antwerp Central Station on the Koningin Astridplein. Antwerp Zoo has played its role in preservation and breeding programmes for several endangered species, including

1794-565: A few of them, the postal code has become a cultural reference. Encompassing the area between the river and the Spanish fortification walls, this is the historical heart of Antwerp. On the place of the Spanish walls is now an avenue called de Leien in Dutch or den Boulevard in the local dialect. Tourist sights such as the Cathedral are located here, but also more mundane places. Quarters in

1932-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

2070-460: A gallant defence, Chassé made an honourable surrender, ending the Siege of Antwerp (1832) . Later that century, a double ring of Brialmont Fortresses was constructed some 10 km (6 mi) from the city centre, as Antwerp was considered vital for the survival of the young Belgian state. And in 1894 Antwerp presented itself to the world via a World's Fair attended by 3 million. Antwerp

2208-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

2346-523: A parent that was not a Belgian citizen at birth. A notable community is the Jewish one , as Antwerp is one of the only two cities in Europe (together with London and its Stamford Hill neighbourhood) that is home to a considerable Haredi population in the 21st century. Early recorded versions of the name include Ando Verpia on Roman coins found in the city centre, Germanic Andhunerbo from around

2484-408: A policy of toleration, which attracted a large crypto- Jewish community composed of migrants from Spain and Portugal. Antwerp experienced three booms during its golden age: the first based on the pepper market, a second launched by American silver coming from Seville (ending with the bankruptcy of Spain in 1557), and a third boom, after the stabilizing Treaty of Cateau-Cambresis in 1559, based on

2622-698: A retraction and its apologies but, despite that, the rumour gathered pace, notably on social networks, resulting in a spectacular fall in Société Générale's share price and in bearish speculation. Société Générale successfully filed a suit in the UK against Associated Newspapers (the Mail on Sunday' s parent company) for "substantial damage to its reputation and prejudice to its trade". Bearish pressure, influenced by speculation but also by investor suspicion, continued to affect Société Générale's share price through to

2760-631: A separate division, underscoring the Group's resolve to make this business one of its strategic development axes. This activity was also strengthened in 1999 through the acquisitions made in Romania (BRD – Groupe Société Générale), Bulgaria ( Société Générale Expresbank ) and Madagascar . In the early years of the 21st century, Société Générale's external growth strategy has been manifested through acquisitions in Central Europe ( Komerční Banka in

2898-425: A set of canal docks. The broader aim was to facilitate the growth of the north-eastern Antwerp metropolitan region, which attracted new industry based on a flexible and strategic implementation of the project as a co-production between various authorities and private parties. The plan succeeded in extending the linear layout along the Scheldt river by connecting new satellite communities to the main strip. Starting in

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3036-506: A toll from passing boatmen. He severed the hand of anyone who did not pay, and threw it in the river. Eventually the giant was killed by a young hero named Silvius Brabo , who cut off the giant's own hand and flung that into the river. This is unlikely to be the true origin, but it is celebrated by a statue (illustrated further below) in the city's main market square, the Grote Markt . Historical Antwerp allegedly had its origins in

3174-441: A track record as leader in France for financial savings products (mutual funds, investment funds, company savings plans), the Group has developed its Asset Management and Private Banking activities: in 1999, its subsidiary, Société Générale Asset Management , pursued the strategy of developing both its mutual fund management business in France and its activities aimed at major institutional investors at an international level. With

3312-536: Is a blend of old and new, with a cultural heritage spanning from the Gothic and Renaissance periods to contemporary designs. In the 16th century, the city was noted for the wealth of its citizens ( Antwerpia nummis ). The houses of these wealthy merchants and manufacturers have been preserved throughout the city. However, fire has destroyed several old buildings, such as the house of the Hanseatic League on

3450-555: Is also the sixth largest bank in Europe and the world's eighteenth. It is considered to be a systemically important bank by the Financial Stability Board . It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . From 1966 to 2003 it was known as one of

3588-502: Is estimated that the port of Antwerp was earning the Spanish crown seven times more revenues than the Spanish colonization of the Americas". Without a long-distance merchant fleet, and governed by an oligarchy of banker-aristocrats forbidden to engage in trade, the economy of Antwerp was foreign-controlled, which made the city very cosmopolitan, with merchants and traders from Venice , Genoa , Ragusa , Spain and Portugal. Antwerp had

3726-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

3864-645: Is set to retire in 2021 and leave his place by the end of this year. Additionally, Philippe Heim, who serves as the head of international retail banking, financial services, and insurance, will also vacate his position as deputy chief executive immediately. In December 2013, the European Commission fined the bank close to 446 million Euro for its role in the LIBOR scandal regarding interest rate derivatives. In December 2021, Amundi finalized its acquisition of Lyxor Asset Management from Société Générale. Lyxor

4002-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

4140-685: The 1920 Summer Olympics . During World War II , the city was an important strategic target because of its port. It was occupied by Germany on 18 May 1940 and liberated by the British 11th Armoured Division on 4 September 1944. After this, the Germans attempted to destroy the Port of Antwerp , which was used by the Allies to bring new material ashore. Thousands of Rheinbote , V-1 and V-2 missiles were fired (more V-2s than used on all other targets during

4278-524: The Baltic . The city's skilled workers processed soap, fish, sugar, and especially cloth. Banks helped finance the trade, the merchants, and the manufacturers. The city was a cosmopolitan center; its bourse opened in 1531, "To the merchants of all nations." Antwerp became the sugar capital of Europe, importing the raw commodity from Portuguese and Spanish plantations on both sides of the Atlantic, where it

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4416-475: The Bastille Day holiday, a meticulously planned robbery was carried out against Société Générale's most heavily fortified vault in France by ex-paratrooper and wedding photographer Albert Spaggiari . The robbery which involved secretly tunneling underground and compromising the walls of the bank vault netted Spaggiari over 12 million in cash, jewellery, and bullion. From the beginning of the 1980s, against

4554-625: The Carolingian period in the 9th century. The castle may have been built after the Viking incursions in the early Middle Ages; in 879 the Normans invaded Flanders. The surviving structure was built between 1200 and 1225 as a gateway to a larger castle of the Dukes of Brabant which was demolished in the 19th century. It is Antwerp's oldest building. At the end of the 10th century, the Scheldt became

4692-542: The Crédit Industriel et Commercial ) that financed the construction of the Eiffel Tower . From 1871 to 1893, France went through a period of economic gloom marked by the failure of several banking establishments. The company continued to grow at a more moderate pace. In 1889, there were 148 banking outlets, demonstrating the group's capacity to withstand unfavourable economic conditions. Starting in 1894,

4830-647: The Czech Republic and SKB Banka  [ sl ] in Slovenia ) in 2001. Investment banking at Societe Generale in Russia was run by Jacques Der Megreditchian until 2000 At that time, Société Générale became officially concerned with money laundering scandal and underground economy . In 2001, Société Générale acquired a controlling interest in the TCW Group. The TCW Group , which was founded in 1971,

4968-467: The Duchy of Brabant , grew in importance, with the city doubling its population between 1500 and 1569. At the end of the 15th century, the foreign trading houses were transferred from Bruges to Antwerp, and the building assigned to the association of English merchants active in the city is specifically mentioned in 1510. During this time, the old Mediterranean trade routes were gradually losing importance and

5106-477: The Krivoi-Rog Iron Company . The 1930s were another difficult period. Given the decline in international and French business, the bank was forced to nationalise its network by closing down local branches. On the eve of World War II , the number of sales outlets was not much greater than in 1922. However, Société Générale was active in placing numerous public loans launched during this period by

5244-624: The North Sea by the river's Westerschelde estuary. It is about 40 km (25 mi) north of Brussels, and about 15 km (9 mi) south of the Dutch border. The Port of Antwerp is one of the biggest in the world, ranking second in Europe after Rotterdam and within the top 20 globally . The city is also known as the hub of the world's diamond trade . In 2020, the Globalization and World Cities Research Network rated Antwerp as

5382-644: The Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over the VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization ,

5520-780: The Treaty of Münster in 1648 stipulated that the Scheldt should be closed to navigation, which destroyed Antwerp's trading activities. This impediment remained in force until 1863, although the provisions were relaxed during French rule from 1795 to 1814, and also during the time Belgium formed part of the Kingdom of the United Netherlands (1815 to 1830). Antwerp had reached the lowest point in its fortunes in 1800, and its population had sunk to under 40,000, when Napoleon , realizing its strategic importance, assigned funds to enlarge

5658-527: The Trois Vieilles ("Old Three") major French commercial banks, along with Banque Nationale de Paris (from 2000 BNP Paribas ) and Crédit Lyonnais . The bank was founded by a group of industrialists and financiers during the Second Empire on 4 May 1864. Its full name was Société Générale pour favoriser le développement du commerce et de l'industrie en France ("General Company to Support

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5796-781: The history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were the British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include

5934-480: The 10-year development plan for the Port of Antwerp , the municipalities of Berendrecht-Zandvliet-Lillo were integrated into the city territory and lost their administrative independence. During the 1983 merger of municipalities, conducted by the Belgian government as an administrative simplification, the municipalities of Berchem , Borgerhout , Deurne , Ekeren , Hoboken , Merksem and Wilrijk were merged into

6072-415: The 1570s, the city's banking business declined: England ceased its borrowing in Antwerp in 1574. Fernand Braudel states that Antwerp became "the centre of the entire international economy, something Bruges had never been even at its height." Antwerp had the highest growth rate and was the richest city in Europe at the time. Antwerp's Golden Age is tightly linked to the " Age of Exploration ". During

6210-451: The 1990s, Antwerp rebranded itself as a world-class fashion centre. Emphasizing the avant-garde, it tried to compete with London , Milan , New York and Paris . It emerged from organized tourism and mega-cultural events. The municipality comprises the city of Antwerp proper and several towns. It is divided into nine entities (districts): (km ) in residential areas In 1958, in preparation of

6348-510: The Bank presented its Ambition SG 2015 programme to investors, the aim of this programme being to "deliver growth with lower risk" by 2015, using the lessons learned from the crisis. In 2010, the company saw an upturn in its financial results. Over the first half, the Group recorded net income of €2.15 billion. These good figures were presented shortly after the publication of the results of the stress tests of 91 European banks, results that confirmed

6486-706: The Belgian market. Because the Société Générale de Belgique predated its French namesake and had a dominant position in the national market, Société Générale agreed to create a bank with a different name, the Société Française de Banque et de Dépôts headquartered in Paris but entirely dedicated to operations in Belgium. The bank had its Brussels office from 1898 in the prestigious Hôtel de Ligne  [ fr ] on Rue Royale , and also maintained

6624-553: The Development of Commerce and Industry in France"). The bank's first chairman was the prominent industrialist Eugène Schneider , followed by Edward Charles Blount . By 1870, the bank had 47 branches throughout France, including 15 in Paris. It set up a permanent office in London in 1871. At the beginning, the bank used its own resources almost entirely for both financial and banking operations. In 1871, Société Générale moved into

6762-496: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

6900-663: The European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in the 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from

7038-609: The Holy Sepulchre (1099–1100). In the 12th century, Norbert of Xanten established a community of his Premonstratensian canons at St. Michael's Abbey at Caloes. Antwerp was also the headquarters of Edward III during his early negotiations with Jacob van Artevelde , and his son Lionel , the Duke of Clarence , was born there in 1338. After the silting-up of the Zwin and the consequent decline of Bruges , Antwerp, then part of

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7176-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

7314-574: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

7452-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

7590-567: The Portuguese Community Ben Moshe. Antwerp has an extensive network of synagogues, shops, schools and organizations. Significant Hasidic movements in Antwerp include Pshevorsk , based in Antwerp, as well as branches of Satmar , Belz , Bobov , Ger , Skver , Klausenburg , Vizhnitz and several others. Rabbi Chaim Kreiswirth , chief rabbi of the Machsike Hadas community, who died in 2001, was arguably one of

7728-910: The Russo-Asian Bank, one of the leading bank of the Russian empire. Société Générale first settled in Russia through the Severnyi bank in 1901, before merging with the Russo-Asian bank in 1910, which held a majority stake in the Chinese Eastern Railway . It also invested in Russian industry including such companies as the Rutchenko Coal Company and the Makeevka Steel Company . Thanks to the connections of Talabot they were also involved in

7866-429: The Société Générale acquired DeltaCredit, the largest mortgage bank in Russia, from The U.S. Russia Investment Fund for $ 100 million. The Société Générale developed its Corporate and Investment Banking businesses under the SG CIB brand name, introduced in 1998, which as of 2014 is subsumed by SG SS. Bolstered by a sound client base and a recognised capacity for innovation borne out by the league tables , Société Générale

8004-418: The Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for the world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902)

8142-444: The Spanish port of Bilbao collapsed and became impossible. On 4 November 1576, Spanish soldiers sacked the city during the so-called Spanish Fury : 8,000 citizens were massacred, several houses burnt down, and over £2 million sterling of damage was done. Subsequently, the city joined the Union of Utrecht in 1579 and became the capital of the Dutch Revolt . In 1585, Alessandro Farnese, Duke of Parma and Piacenza , captured it after

8280-466: The State or the colonies. The war and the German Occupation interrupted its advance, but the bank moved into Africa and the United States. Société Générale was nationalised in 1945. It now had a single shareholder: the State. The period from 1945 to 1958 was characterised in France by rapid economic recovery but also a greater disequilibrium in the balance of payments, calling for continued exchange controls and virtually permanent credit control measures. It

8418-435: The Swiss processed-foods manufacturer Nestlé to illegally dispossess the real estate assets of the Industrial Company of Dairy Products (SIPL), thus leading the dairy company to bankruptcy. Retail Banking was strengthened in 1997 through the acquisition of Crédit du Nord , highlighting the Group's determination to capitalise on the restructuring of the French banking system. At the same time, Société Générale looked to secure

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8556-404: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

8694-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

8832-450: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

8970-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

9108-558: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

9246-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

9384-418: The United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

9522-410: The United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for

9660-407: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

9798-401: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

9936-471: The acquisition of Cube Financial. In January 2008, it merged with Calyon Financial to form Newedge ; in 2014, SG purchased Credit Agricole's stake. In subsequent years, the Société Générale Group has focused on developing its activities around three core businesses through a combination of organic growth and acquisitions. In the early 1990s, the Senegalese subsidiary of Société Générale teamed up with

10074-587: The bank set up the structures characterising a large, modern credit institution. As well as collecting company and private deposits, its branches started to provide short-term operating credits for industrialists and traders. It also moved into placing shares with the general public, issuing private debenture loans in France and also in Russia. Acquisition of equity stakes became a more secondary activity. The company's excellent financial health allowed it to expand its shareholding structure. In 1895, Société Générale had 14,000 shareholders. In 1898, Société Générale entered

10212-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

10350-559: The better known personalities to have been based in Antwerp. An attempt to have a street named after him has received the support of the Town Hall and is in the process of being implemented. The Jains in Belgium are estimated to be around about 1,500 people. The majority live in Antwerp, mostly involved in the very lucrative diamond business. Belgian Indian Jains control two-thirds of the rough diamonds trade and supplied India with roughly 36% of their rough diamonds. A major temple, with

10488-653: The boundary of the Holy Roman Empire . Antwerp became a margraviate in 980, by the German emperor Otto II , a border province facing the County of Flanders . In the 11th century, the best-known leader of the First Crusade (1096–1099), Godfrey of Bouillon , was originally Margrave of Antwerp , from 1076 until his death in 1100, though he was later also Duke of Lower Lorraine (1087–1100) and Defender of

10626-472: The city hosted the Summer Olympics . The inhabitants of Antwerp are nicknamed Sinjoren ( Dutch pronunciation: [sɪˈɲoːrə(n)] ), after the Spanish honorific señor or French seigneur , "lord", referring to the Spanish noblemen who ruled the city in the 17th century. The city's population is very diverse, including about 180 nationalities; as of 2019, more than 50% of its population had

10764-496: The city was captured by the Belgian insurgents, but the citadel continued to be held by a Dutch garrison under General David Hendrik Chassé . For a time, Chassé subjected the town to periodic bombardment which inflicted much damage, and at the end of 1832, the citadel itself was besieged by the French Northern Army commanded by Marechal Gerard . During this attack, the town was further damaged. In December 1832, after

10902-404: The city. At that time the city was also divided into the districts mentioned above. Simultaneously, districts received an appointed district council; later district councils became elected bodies. The neighboring municipality of Borsbeek has declared the intention to become the tenth district of the city of Antwerp. However, the final decision has not been made and a non-binding citizens vote on

11040-441: The closing of the sale of Rosbank and the Group's Russian insurance subsidiaries to Interros Capital. This transaction results for Société Générale in a net loss of around 3.2 billion euros and has an impact of about -7 basis points on its capital ratio. Société Générale is a universal bank. The Group consists of three main pillars backed by two business lines. Société Générale is often nicknamed SocGen (pronounced "sock jenn") in

11178-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

11316-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

11454-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

11592-468: The corner of Bloedberg and Burchtgracht. Steen castle on the Scheldt-quai is the gate wing of the demolished castle of the Dukes of Brabant. It was partly reconstructed in the 19th century. Antwerp's development as a fortified city is documented between the 10th and the 20th century. The fortifications were developed in different phases: This is the population of the city of Antwerp only, not of

11730-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

11868-587: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Antwerp Antwerp ( / ˈ æ n t w ɜːr p / ; Dutch : Antwerpen [ˈɑntʋɛrpə(n)] ; French : Anvers [ɑ̃vɛʁs] ) is a city and a municipality in the Flemish Region of Belgium . It is the capital and largest city of Antwerp Province , and

12006-508: The different international financial centres. On 29 July 1987 Société Générale was privatised. It had been chosen from among the three leading French commercial banks nationalised in 1945 for its excellent risk-coverage, equity and productivity ratios. George Soros was a share-holder in 1988. In 1986, Société Générale created Fimat International Banque S.A., a global brokerage, offering a range of clearing and execution services on listed or OTC derivatives and cash products. In 2005, Fimat completed

12144-562: The discovery of new sea routes via Africa to Asia and via the Atlantic to America helped push Antwerp to a position of prominence. By 1504, the Portuguese had established Antwerp as one of their main shipping bases, bringing in spices from Asia and trading them for textiles and metal goods. The city's trade expanded to include cloth from England, Italy and Germany, wines from Germany, France and Spain, salt from France, and wheat from

12282-416: The dynamism of supervisory and management staff at head office and in the branch offices it moved ahead of Crédit Lyonnais (in terms of deposits collected and loans distributed) between 1921 and 1928. To satisfy the requirements of investing companies, Société Générale created a subsidiary, Calif , specialised in medium-term credit in 1928. On an international level, the bank held an active participation in

12420-511: The end of 2011. Over the year, the share lost 57.22 percent of its value, the third-worst CAC 40 performance of 2011 (after Veolia and Peugeot). In August 2020, it was reported that Société Générale experienced a €1.26 billion loss during the second fiscal quarter of 2020. It was the bank's weakest quarterly performance since 2008's Kerviel Fraud. As a result of this, Séverin Cabannes, the bank's global banking and investor solutions business head,

12558-441: The entire war combined), causing severe damage to the city but failed to destroy the port due to poor accuracy. After the war, Antwerp, which had already had a sizeable Jewish population before the war, once again became a major European centre of Haredi (and particularly Hasidic ) Orthodox Judaism . A Ten-Year Plan for the port of Antwerp (1956–1965) expanded and modernized the port's infrastructure with national funding to build

12696-560: The financial solidity of the main four French banks, including Societe Generale. During the summer of 2011, the financial markets, fearing the collapse of the eurozone associated with the European sovereign debt crisis , were severely shaken. European and French bank shares recorded substantial falls. It was within this context that Britain's Mail on Sunday published, on Sunday 7 August, an article in which it announced Société Générale's imminent bankruptcy. The newspaper quickly published

12834-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

12972-528: The first half of the 16th century, Antwerp grew to become the second-largest European city north of the Alps. Many foreign merchants were resident in the city. Francesco Guicciardini , the Florentine envoy, stated that hundreds of ships would pass in a day, and 2,000 carts entered the city each week. Portuguese ships laden with pepper and cinnamon would unload their cargo. According to Luc-Normand Tellier "It

13110-574: The former head office along Boulevard Haussmann in the 9th arrondissement of Paris . The head office has 7,000 employees. The former head office remains as the company's registered office . In 2015, Standard Ethics Aei has given a rating to Société Générale in order to include it in its Standard Ethics French Index. Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with

13248-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

13386-582: The harbour by constructing a new dock (still named the Bonaparte Dock), an access-lock and mole , and deepening the Scheldt to allow larger ships to approach Antwerp. Napoleon hoped that by making Antwerp's harbour the finest in Europe he would be able to counter the Port of London and hamper British growth. However, he was defeated at the Battle of Waterloo before he could see the plan through. In 1830,

13524-709: The health care, technology and communications industries. Cowen was taken over by the Societe Generale Securities Corporation, the French bank's New York investment bank, and renamed the SG Cowen Securities Corporation. Joseph M. Cohen, Cowen's chief executive became its chairman, and Curtis R. Welling, an investment banker from Societe Generale's New York office became president and chief executive. In 1998, Société Générale set up Retail Banking outside France as

13662-524: The inner city are: Antwerpen-Noord or synonymously 2060 is a densely populated part of the city, and the most diverse one as well. This is not a neighborhood by itself, but is the postal code for the remaining quarters of the district that lie between de Leien and the ringway. United with the city in 1923, Linkeroever ("Left bank") consists of the former polders of Zwijndrecht and Burcht . Antwerp-Berchem : Vibrant district, rich history, lively streets, major transportation hub. Antwerp's architecture

13800-549: The international financial world. Société Générale's three pillars, at the heart of the development of its relationship banking model, are: The development of these three pillars is backed by two other core activities, namely: Société Générale's head office is in the Tours Société Générale in the business district of La Défense in the city of Nanterre , west of Paris. The company moved there in June 1995 from

13938-569: The international network and across-the-board introduction of IT facilities to cope with extension of the customer base and the development of deposit money. In 1971, the appearance of automatic cash machines crowned the success and development of the credit card. In 1973, Société Générale opened its representative office in the Soviet Union . In 1975, Société Générale introduced Agrifan, a food-products trading company to connect French suppliers with foreign food buyers. The following year during

14076-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

14214-699: The larger current municipality of the same name. In 2010, 36% to 39% of the inhabitants of Antwerp had foreign origins. A study projected that in 2020, 55% of the population would be of immigrant background, either first, second, or third generation. After the Holocaust and the murder of its many Jews, Antwerp became a major centre for Orthodox Jews. At present, about 15,000 Haredi Jews, many of them Hasidic , live in Antwerp. The city has three official Jewish Congregations: Shomrei Hadass, headed by Rabbi Dovid Moishe Lieberman, Machsike Hadass, headed by Rabbi Aron Schiff (formerly by Chief Rabbi Chaim Kreiswirth ) and

14352-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

14490-613: The launch of Société Générale AM UK in London and the acquisition of Yamaichi in Japan, Société Générale Asset Management has taken a decisive step in establishing its international presence and is now able to offer its customers truly global fund management capabilities. Société Générale also has a worldwide presence in private banking activities. After pursuing a deliberate policy of acquisitions in 1998, Société Générale Private Banking consolidated and developed its franchise in 1999 against

14628-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

14766-482: The long-term loyalty of its customers (launch of "one account number for life" and introduction of Jazz, a package of service offers). In 1999 it entered into a merger agreement with rival bank Paribas , but this was scuppered by a competitor, the Banque Nationale de Paris (BNP). In 1998 Société Générale paid $ 540 million in cash to acquire Cowen & Company, a New York investment bank that specialized in

14904-523: The major trading center for the region. The religious revolution of the Reformation erupted in violent riots in August 1566, as in other parts of the Low Countries . The regent Margaret, Duchess of Parma , was swept aside when Philip II sent the Duke of Alba at the head of an army the following summer. When the Dutch revolt against Spain broke out in 1568, commercial trading between Antwerp and

15042-494: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

15180-543: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

15318-413: The matter is scheduled for September 2023. With the exception of Ekeren and Berendrecht-Zandvliet-Lillo, all the districts form together one contiguous inhabited area. The former town halls have been converted into district halls and the former town centers are now local main streets within the larger urban agglomeration. The historical city of Antwerp consists nowadays of the following neighborhoods. For

15456-537: The multi-nationals. 1966 and 1967 represented a fundamental turning point in banking regulations, the main development being attenuation of the distinction between deposit and investment banking, and creation of the home mortgage market. Société Générale took advantage of this and acquired leading positions in some new financing techniques designed primarily for companies, such as finance leasing , setting up specialised credit subsidiaries for this purpose. The 1970s were characterised by two major developments: expansion of

15594-686: The northern quays, in 1891. During World War II , the city also suffered considerable damage from V-bombs . Here are some of the most notable examples of Antwerp's diverse architecture: Antwerp is also home to a wealth of historic Gothic, Baroque and Renaissance-style buildings, such as the Antwerp City Hall , the Cathedral of Our Lady , the St. James' Church , the Vleeshuis Museum and the St. Charles Borromeo Church . Antwerp offers

15732-718: The okapi, the Przewalski horse, the Congo peafowl, the bonobo, the golden-headed lion tamarin, the European otter, and the Knysna seahorse. They take part in the European Endangered Species Programme . On 1 January 1983 the entire park (architecture and garden) was listed as a monument. Other well-known parks include: Antwerp has an oceanic climate ( Köppen : Cfb ), with cool winters, warm summers and frequent, though light, precipitation throughout

15870-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

16008-546: The public French issues market with a national debenture loan launched to cover the war indemnity stipulated in the Treaty of Frankfurt . The bank was financially involved with some of the businesses created by Paulin Talabot , the railway and canal engineer. Talabot came to have an influential role in the bank. In 1886, Société Générale was part of the bank consortium (along with the Franco-Egyptian Bank and

16146-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

16284-417: The riverbank; an alluvial deposit ; a mound (like a terp ) thrown up (as a defence) against (something or someone); or a wharf. If Andoverpis is Celtic in origin, it could mean "those who live on both banks". There is a folklore tradition that the name Antwerpen is from Dutch handwerpen ("hand-throwing"). A giant called Antigoon is said to have lived near the Scheldt river and extracted

16422-462: The seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and the international oil market. Iran was unable to sell any of its oil. In August 1953,

16560-445: The textiles industry. At the beginning of the 16th century, Antwerp accounted for 40% of world trade. The boom-and-bust cycles and inflationary cost-of-living squeezed less-skilled workers. In the century after 1541, the city's economy and population declined dramatically. The Portuguese merchants left in 1549, and there was much less trade in English cloth. Numerous financial bankruptcies began around 1557. Amsterdam replaced Antwerp as

16698-459: The then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by the strong influence of

16836-399: The third largest city in Belgium by area at 204.51 km (78.96 sq mi) after Tournai and Couvin . With a population of 536,079, it is the most populous municipality in Belgium, and with a metropolitan population of over 1.2 million people, the country's second-largest metropolitan area after Brussels . Flowing through Antwerp is the river Scheldt . Antwerp is linked to

16974-470: The time Austrasia became a separate kingdom (that is, about 567 CE), and (possibly originally Celtic) Andoverpis in Dado 's Life of St. Eligius (Vita Eligii) from about 700 CE. The form Antverpia is Neo-Latin . A Germanic ( Frankish or Frisian ) origin could contain prefix anda ("against") and a noun derived from the verb werpen ("to throw") and denote, for example: land thrown up at

17112-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

17250-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

17388-525: The year. Due to the influence of the Gulf Stream , Antwerp has a relatively mild climate throughout the year, with the average temperature fluctuating between 4 °C (39 °F) and 19 °C (66 °F) throughout the year. Although Antwerp was formerly a fortified city, hardly anything remains of the former enceinte , only some remains of the city wall can be seen near the Vleeshuis museum at

17526-659: Was able to take advantage of the flow of business generated by the Marshall Plan . Société Générale continued to expand in France and beyond. It moved into Italy and Mexico and altered the status of its establishments in Africa after decolonisation, in accordance with the laws passed by these newly independent countries. From the mid-1960s, Société Générale gave new impetus to its French network, with an acceleration in growth after 1966 following elimination of prior authorisation for opening branch offices. International expansion

17664-529: Was an investment company based in France, and a wholly owned subsidiary of Société Générale. It offered exchanged-traded index funds and other ETFs , exchanged-traded notes ( ETN ), and several other products to private and corporate investors. In April 2022, Société Générale became the first major financial group to leave Russian market because of International sanctions during the Russo-Ukrainian War . In May 2022, Société Générale announced

17802-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

17940-404: Was grown by a mixture of free and forced labour, increasingly with enslaved Africans as the century progressed. The city attracted Italian and German sugar refiners by 1550, and shipped their refined product to Germany, especially Cologne . Antwerp also had an unusually high number of painters, around 360 in 1560, in a city with a population of roughly 89,000 in 1569 (250 people per painter), it

18078-437: Was just as vigorous. It was no longer limited, as before, to the main financial centres (London, New York), neighbouring countries (Belgium, Spain) and the former colonies, with the primary aim of facilitating the business of French firms, but was also aimed at guaranteeing the bank's presence where new markets were developing, either to export the technical expertise it had acquired in certain fields, or to keep up its contact with

18216-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

18354-694: Was looking to develop its M&A, advisory and IPO activities through the acquisition of specialised firms ( SG Hambros in the United Kingdom, Barr Devlin in the United States). Following two years of crisis resulting from the revelation of the Kerviel fraud and then from the eruption of the global financial crisis , the bank appeared to have put things behind it in 2010. In business terms, Société Générale appeared intent on moving on and implementing an in-depth transformation in 2010. On 15 June,

18492-540: Was not until 1959 that the economy really recovered, but credit controls were reinforced due to persistent inflationary pressures. Sharp growth in production and foreign trade opened up new areas of business for the banks. The industry underwent some quite radical changes, one of the most striking of which was much greater specialisation of credit. The range of banking services on offer expanded uninterruptedly. Thanks to its presence in New York City , Société Générale

18630-501: Was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore,

18768-960: Was originally known as Trust Company of the West and is the parent of TCW/Crescent Mezzanine one of the leading mezzanine capital firms in the US. The TCW Group operated as a subsidiary of Société Générale Asset Management until it was sold to Carlyle Group . Africa is also a major area of interest for the bank, with the 2002 purchase of Eqdom in Morocco (the market leader in consumer lending) and Union Internationale de Banques  [ fr ] in Tunisia . In addition, 51 percent of SSB Bank in Ghana in 2003 and 50 percent of Geniki Bank in Greece in 2004 were acquired . In terms of specialized financial services,

18906-754: Was the first city to host the World Gymnastics Championships , in 1903. During World War I , the city became the fallback point of the Belgian Army after the defeat at Liège . The Siege of Antwerp lasted for 11 days, but the city was taken after heavy fighting by the German Army, and the Belgians were forced to retreat westwards. Antwerp remained under German occupation until the Armistice. A few years later, Antwerp hosted

19044-452: Was the most important artistic centre north of the Alps , serving notable painters such as Pieter Bruegel . Moneylenders and financiers developed a large business lending money all over Europe including the English government in 1544–1574. London bankers were too small to operate on that scale, and Antwerp had a highly efficient bourse that itself attracted rich bankers from around Europe. After

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