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Banking in Savoy and embeddedness within local business communities (1860-)


  • Hubert BONIN


The annexation of Savoy by France fuels the issue of the fate of Banque de Savoie, because Banque de France was reluctant to share its monopoly as bank of issue, which explains the absorption of its rival in 1865. A second issue was the creation of local banking tools, embedded in regional business communities, as leverage to industrial clusters at the heart of the alpine productive system. Two big family banks and four mutual institutions reflected this Savoyard will to resist the grip of banks from Paris, Lyon, and Geneva. A third issue became the “type” of business model of Savoy banks, between a classical discount model, a type of enterprise banking committed to industrial finance in favour of customer companies, and, last, “regional banking”, quite mixed banking. Each period of the Savoy economic growth privileged this variety of models, before a convergence towards a more balance model of commercial banking took shape after WWII.

Suggested Citation

  • Hubert BONIN, 2010. "Banking in Savoy and embeddedness within local business communities (1860-)," Cahiers du GREThA 2010-20, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
  • Handle: RePEc:grt:wpegrt:2010-20

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    Banking ; regional economy ; clusters ; business communities ; financing small and medium enterprises; local banking; banking regionalism; local spirit of enterprise; banking places;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • N83 - Economic History - - Micro-Business History - - - Europe: Pre-1913
    • N84 - Economic History - - Micro-Business History - - - Europe: 1913-

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