Comptoir national d'escompte de Paris

The Comptoir national d'escompte de Paris (CNEP), formerly the Comptoir d'escompte de Paris (CEP) was one of four banks that combined to form BNP Paribas. The CNEP was created by decree on 7 March 1848 by the Provisional Government of the French Second Republic. It was founded in response to the financial shock caused by the revolution of February 1848. The upheaval destroyed the old credit system, which was already struggling to provide sufficient capital to meet the demands of the railway boom and the resulting growth of industry. The CEP grew steadily in France and overseas, although in 1889 there was a crisis in which it was temporarily placed in receivership. In 1945 the CNEP was nationalized, and in 1966 merged with BNCI to form the Banque National de Paris (BNP), which in turn was merged with Paribas in 2000 to form BNP Paribas. ^ Stoskopf 2002, p. 402. ^ Stoskopf 2002, p. 396. Less