Private company

Banque Commerciale pour l'Europe du Nord – Eurobank

Former bank in France

Banque Commerciale pour l’Europe du Nord (French pronunciation: [bɑ̃k kɔmɛʁsjal puʁ løʁɔp dy nɔʁ], BCEN) or Banque Commerciale pour l'Europe du Nord – Eurobank (BCEN-Eurobank) was a Soviet-controlled bank in Paris, founded in 1921 by wealthy Russian emigres and supported by the Council of People's Commissars (SovNarKom) (Russian: Совнарком) through Leonid Krasin who, in 1925, sold their stakes to the Soviet Union.2 It ceased to exist in 2017.1 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

1921Founded1
  • HeadquartersParis1
Paris Haussmann 81
Photo: Boubloub, CC0, via Wikimedia Commons4

Banque Commerciale pour l’Europe du Nord (French pronunciation: [bɑ̃k kɔmɛʁsjal puʁ løʁɔp dy nɔʁ], BCEN) or Banque Commerciale pour l'Europe du Nord – Eurobank (BCEN-Eurobank) was a Soviet-controlled bank in Paris, founded in 1921 by wealthy Russian emigres and supported by the Council of People's Commissars (SovNarKom) (Russian: Совнарком) through Leonid Krasin who, in 1925, sold their stakes to the Soviet Union. It maintained correspondent accounts with Western banks to secure lines of credit for facilitating Soviet imports into that country in which the correspondent account is located. Also, these correspondent accounts performed foreign currency exchange for the Kremlin.2

The story

During the 1920s and 1930s, Soviet and numerous foreign sources referred to this bank as the Aero Bank (Russian: «Аеробанк») or Airbank in Paris (Russian: «Эйробанк» в Париже) and not the Aero-Bank SA which was a branch of the German bank Aerobank, which was known as the Bank der Deutschen Luftfahrt AG (BDL), and established in Paris by Nazi Germany during its occupation.

The Soviet Union used the bank to manage Spain's gold reserves during the Spanish Civil War.

After the fall of the Soviet Union, many persons involved with BCEN-Eurobank became leaders in Russian economy, banking, and finance.

The 1993 established Moscow bank "Evrofinance" was a subsidiary of Eurobank.

During the 1990s, BCEN – Eurobank was involved in the looting of Russia.

In 2005, Russia's Vneshtorgbank became the major shareholder. Later, Vneshtorgbank changed its name to VTB Bank, and BCEN-EUROBANK name was changed to VTB Bank (France) SA.

From Wikipedia’s article on Banque Commerciale pour l'Europe du Nord – Eurobank, shared under CC BY-SA 4.0.3

Products and brands

Eurobank participated in foreign currency exchange and so-called Eurocurrency markets and was a leader in Eurodollar lending. In December 1973, Eurobank and Credit Lyonnais formed the Societe pour la Promotion Europeenne du Leasing (Promolease) based in Paris to promote and finance leasing operations for Soviet heavy construction equipment, Soviet snowplows, Soviet machine tools, Soviet Lada vehicles, and Czechoslovak Škoda Auto vehicles.

The Soviet Union supplied funds through Eurobank to the French Communist Party (PCF).

The bank had its offices at 77, 79, and 81, boulevard Haussmann in Paris.

From Wikipedia’s article on Banque Commerciale pour l'Europe du Nord – Eurobank, shared under CC BY-SA 4.0.3

Timeline

  1. 2017Dissolved Dissolved1
  2. 1921Founded Founded1