Cetelem Logo

Cetelem was founded on May 6, 1953, in postwar France by entrepreneur and financier Jacques de Fouchier. Its full name was Compagnie pour le Financement des Équipements Électroménagers. The company appeared at a time when household appliances were still rare: in 1952, only 7% of French families owned a refrigerator or washing machine. Cetelem introduced a three-party credit model linking the buyer, the store, and the finance company.

The first loan was issued in its first month, with early records kept on punch cards. In early 1954, Cetelem’s stand at the Paris Salon des Arts Ménagers was opened by French President René Coty. By 1963–1970, the company had built a regional network of 13 branches across France.

In 1965, Cetelem issued France’s first credit card, Le Crédit en Poche. In 1966, it was listed on the Paris Stock Exchange, and in 1978, it received official banking status from the French government. By the early 1980s, it controlled about 30% of the French consumer credit market. After the 1982 launch of Minitel, 3,000 retail outlets connected to the system within two years, and over 80% of Cetelem’s retail business later passed through it.

Cetelem expanded through partnerships and international growth. In 1982, it created Cofidis with 3 Suisses for mail-order credit. In 1985, it partnered with Carrefour on the Pass card. In 1984–1985, Findomestic opened in Italy, followed by Spain, Belgium, and Portugal. In 1998, Cetelem joined Paribas, and in 1999, BNP Paribas. In 2007, it merged with UCB to form BNP Paribas Personal Finance.