Bank for Northern Europe

Eurobank, a joint-stock commercial bank in Paris. Established in 1925. Soviet state organizations are stockholders in it. The bank does not have branch offices. It maintains business correspondent relations with the banks of socialist countries (including the USSR Gosbank and the USSR Vneshtorgbank) and with the banks of most capitalist countries. It carries out all types of banking operations. The bank’s extensive correspondent relations with French commercial banks and with banks of other countries, as well as the reputation it commands in business circles of being a reliable bank, have helped the bank to become one of the principal credit institutions through which payments are made on foreign trade and on nontrade operations of the USSR and other socialist countries with France and a number of other capitalist countries. The face value of each share in the bank is 700 French francs, The bank’s activities have been expanded year after year, and the volume of its operations, the sum of funds attracted, and credit granted are growing. From 60 million francs in 1965, the joint stock total went to 70 million francs in 1966, 90 million francs in 1967, and 100 million francs in 1968 (year-end figures); in the same period the total balance went from 3,118,000,000 francs in 1965 to 3,265,000,000 francs (1966), 3,821,000,000 francs (1967), and 4,161,000,000 francs (1968).