# Banque Italo-Belge

The Banque Italo-Belge (lit. 'Italian-Belgian Bank') was a Belgian bank established in 1911 on the initiative of the Société Générale de Belgique (SGB) jointly with Credito Italiano and other partners. Despite its name, it operated mainly in South America. It was known as the Banque Brésilienne Italo-Belge before 1913, and Banque Européenne pour l'Amérique Latine (BEAL) after 1974. By the late 1930s, it was the fourth-largest Belgian bank by total assets behind the Banque de la Société Générale, Banque de Bruxelles, and Kredietbank.$^{:66}$

## Background

In the early 20th century, the Banque d'Anvers, the SGB's affiliate in Antwerp, developed operations in Argentina in relation with local businessman Edouard Bunge. In 1907, the SGB fostered the merger between two London-based banks in which it had acquired equity stakes, the Bank of Tarapacá and Argentina and the Anglo-Argentine Bank, to form the Anglo-South American Bank. In 1910 a separate institution, the Banque de l'Union Anversoise, was created by the SGB and the Banque d’Anvers together with the Banque de l'Union Parisienne (in which the SGB was also a significant shareholder) in order to develop financial relations with South America.$^{:II}$ The Banque de l'Union Anversoise was eventually merged into the Banque d'Anvers in 1919.$^{:III}$

## Banque Brésilienne Italo-Belge

In 1911, the SGB, together with the Anglo-South American Bank and the Banque de l’Union Anversoise, teamed up with the Credito Italiano, industrialist Emmanuel Janssen, Bunge, and partnering businessmen to form the Banque Brésilienne Italo-Belge. It opened an office in São Paulo and soon afterwards in Campinas and Santos, then in 1912 in Montevideo and 1914 in Rio de Janeiro and Buenos Aires. A capital increase in 1913 allowed the Banque Belge pour l'Étranger, another SGB affiliate, to join the group of controlling shareholders. That same year, as its business had already started to expand beyond Brazil, the bank's name was shortened to Banque Italo-Belge. The Credito Italiano initially held a 40 percent stake.$^{:67}$

## Banque Italo-Belge

New offices were opened in London and Paris during World War I, then in 1920 in Santiago and Valparaíso. This network was complemented by a branch in Porto Alegre in 1952.$^{:II-III}$ In 1920, its head office in Antwerp was relocated to Meir 48, together with that of the Banque d'Anvers. By 1939, following successive capital increases, the Credito Italiano's stake had been reduced to around 12.5 percent, and the Banque de la Société Générale exercised dominant control.$^{:67}$

## Banque Européenne pour l'Amérique Latine

In 1974, the bank was renamed the Banque Européenne pour l'Amérique Latine.$^{:III}$ By 1977 the BEAL's shareholders included the SGB (with 25 percent) and Credito Italiano but also France's Société Générale, the Netherlands' AMRO Bank, Spain's Banco Español de Crédito, Switzerland's Credit Suisse, and the UK's Midland Bank. By 1992, WestLB had become a significant shareholder of BEAL.
In 1998, the BEAL's seat moved from downtown Brussels, where it had been domiciled at the former Electrorail Building [fr] since 1964, to a new address at Chaussée de La Hulpe 166. It appears to have ceased operations in the 2000s.