The Union des Mines (lit. 'Mines' Union'), known from 1963 as Union des Mines - La Hénin, was a French bank established in 1923. It eventually merged in 1966 with Banque de Suez to form the Banque de Suez et de l'Union des Mines (BSUM). The latter in turn merged with Banque de l'Indochine in 1975 to form Banque Indosuez.
Overview
The Union of Mines was created on 1923-4-23 by major French coal companies gathered within the powerful industry group the Comité Central des Houillères de France. The purpose of the bank was to support the financial operations of the coal mines and to provide them banking services.
The Union des Mines was initially headquartered at 35, rue Saint-Dominique in central Paris, the same building as the Comité Central des Houillères. After World War II, it relocated to 9, rue Louis-Murat on the right bank of the Seine. Henri de Peyerimhoff was the bank's first chairman, staying until 1932 when he was succeeded by Louis Quesnot who held the position until 1942, succeeded in turn by José Ariès until 1956.
The Union des Mines established several subsidiaries: Société de gestion d'intérêts miniers et industriels français à l’étranger (lit. 'Management Company for French Mining and Industrial Interests Abroad', est. 1923); British and Continental Banking Company (est. 1926);[1] Banque Nouvelle La Prudence in Montceau-les-Mines (est. 1926); Société Financière, Industrielle et Minière (abbreviated as Sofimine, lit. 'Financial, Industrial and Mining Company', est. 1928); and Franco-American Company for Electricity and Industry (est. 1928).