Banque Empain

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Former head office of the Banque Empain, then Banque Industrielle Belge at rue de la Liberté 33 in Brussels

The Banque Empain or Banque Édouard-Louis-Joseph Empain was an investment bank based in Brussels, Belgium. It was founded in 1881 by entrepreneur Édouard Empain as a holder for his equity stakes in multiple infrastructure and industrial ventures, in Belgium and abroad. In 1920 it was renamed as the Banque Industrielle Belge (lit. 'Belgian Industrial Bank', BIB). Its banking operations were eventually absorbed by the Banque Lambert in 1961.[1]: 738 

Overview

From its start in 1881, the Banque Empain was located on Place de la Liberté in Brussels. The eclectic building was erected two years earlier by landowner Hector De Knuyt as part of the reconstruction of the Freedom Quarter, on a design by architect Joseph Naert, and is still referred to as the hôtel de Knuyt de Vosmaer.[2] In 1884, Empain also relocated his personal residence in the building.[3]

Stars were added on the building's exterior in the early 20th century, after Édouard Empain became associated with the Belgian Congo. The star had been selected by Leopold II as an emblem first of its International African Association in the late 1870s, then of his Congo Free State. En 1902, Leopold leaned on Empain for the financing of railways in the Free State, for which Empain founded the Compagnie du chemin de fer du Congo supérieur aux Grands Lacs africains (CFL). Leopold ennobled Empain in 1907 as a baron, in recognition of his contribution to what was then referred to as Congo's economic development.[2]

In 1919, Édouard Empain reorganized his bank as a joint-stock company owned jointly with his brother François Empain, and in which Édouard owned a 70 percent equity stake. The bank was subsequently renamed as Banque Industrielle Belge in 1920.[4]: 126 

Around 1930, Édouard's son Jean Empain, who had become the group's leader following his father's death in 1929, rebuilt the adjacent property to the head office, at rue de l'Enseignement 91, subsequently also known as the Hôtel Empain.[5] By early 1935, the BIB was formally registered at that address.[6]: 30 

In the mid-1930s, new Belgian legislation forced the separation of depositary banks from holding companies. On 3 December 1935, the BIB became a holding company and renamed itself "Fédération d'entreprises industrielles (anciennement E. L. J. Empain)". Its banking assets and liabilities were transferred to a separate entity, subsequently known as the BIB and formally named "Banque Industrielle Belge (anciennement Banque E. L. J. Empain)".[4]: 126  By the late 1930s, its customer base was mainly companies affiliated with the Empain Group and connected families.[7]: 60 

In the 1950s, that core customer base eroded,[4]: 127  even though by 1958 the BIB was still active enough to promote itself on free maps of the Expo 58 in Brussels.[8] The BIB sold its remaining banking operations to the Banque Lambert,[9] and subsequently renamed itself as "Financière Empain" on 24 February 1961,[4]: 127  then "Financière auxiliaire de la Fédération d'entreprises industrielles" later in the 1960s.[10]: 813 

The bank's former building on Place de la Liberté reopened in 2020 following a seven-years renovation.[11]

See also

References

  1. P. Hancké (1969), "Het Belgische bankwezen 1945 -1968 : feiten en tendensen" (PDF), Revue de la Banque (8)
  2. "Hôtel de Knuyt de Vosmaer". Région de Bruxelles-Capitale / Inventaire du Patrimoine Architectural. Retrieved 10 June 2026.
  3. "Edouard Empain". Les Belges, leur histoire. Retrieved 10 June 2026.
  4. "Revue de la Jurisprudence belge : Société anonyme. - Dénomination. - Usage du nom patronymique du fondateur. - Condition" (PDF), Revue pratique du Notariat belge (2518), April 1966
  5. "Rue de l'Enseignement n°91". ReflexCity. Retrieved 10 June 2026.
  6. Annexe au Bulletin Officiel du Congo Belge (PDF), 15 January 1935
  7. Federal Reserve Board (June 1944), Army Service Forces Manual M361-5 / Civil Affairs Handbook Belgium Section 5: Money and Banking, Washington DC: U.S. Army Service Forces
  8. "La Banque Industrielle Belge. Ancienne Banque E.L.J, Empain. Exposition Universelle et Internationale de Bruxelles 1958". AbeBooks. Retrieved 10 June 2026.
  9. "L'affaire SOFINA", Courrier hebdomadaire du CRISP (270), 1965
  10. Jurisprudence de Belgique (PDF), Cour de Cassation, 10 May 1969
  11. "Restaurée, l'ancienne banque Empain va rouvrir ses lourdes portes". L'Écho. 8 January 2020.