Company: Crédit Mutuel CIC Group
Brand value: US$1,265 million
Headquarter city: Paris
Year formed: 1882
Crédit Mutuel is a retail bank with a cooperative model, meaning that the bank is not listed on any stock exchange and belongs to its customers, or “sociétaires”. Besides offering consumer and business banking services, Crédit Mutuel also provides home and car insurance, as well as phone and home security services. It has a strong local presence with more than 3000 branches and while it is not seen as the most economical option, it is known for good customer service in banking and insurance, and regularly wins industry service awards. Its communications tagline is “une banque qui appartient à ses clients ça change tout », or «A bank that belongs to its customers, it changes everything”. This underlines the cooperative structure of the business, and its emphasis on solidarity, responsibility, equality, closeness and transparency. Advertising frequently centers on a dialogue between a parent and child, highlighting the difference between Crédit Mutuel and other banks. The brand also sponsors national and regional cultural events, including the annual music awards, Les Victoires de la Musique. The bank is working with IBM on artificial-intelligence-powered virtual assistants, and has launched Lyf Pay, a mobile payment solution. Crédit Mutuel Group recently launched an IPO to achieve full ownership of CIC.