The French banking system underwent a fundamental structural reform in 1984, which removed most of the distinction between commercial banks and merchant banks and grouped most financial institutions under a single supervisory system. The largest French commercial banks, such as Societe Generale, Credit Lanais, Banque Nationals de Paris, Credit Agricole, Paribas, CIC, and Credit Commercial de France, rank among the largest banks in the world. Commercial banks also assist in public offerings of shares and corporate debt, as well as mergers, acquisitions and takeovers.
Banks also offer hedging services against interest rate and currency fluctuations.
The governor of the Bank of France is president of the Committee on Credit Institutions, which grants or withdraws banking licenses. The governor is also president of the Banking Commission, which ensures that banks adhere to banking regulations. The governor of the Bank of France serves as a member of the ECB Board of Governors. The French government has sold its equity stake in major banks and insurance companies. All inward and outward payments must be made through approved banking intermediaries by bank transfers.