A group of St. Petersburg traders founded the Comptoir Parisien de Banque et de Change in Paris which, in the same year, became the Banque Commerciale pour l`Europe du Nord.

Following recognition by the French authorities of the Soviet State, the Soviet Government decided to use a bank in Paris to facilitate the settlement of commercial transactions between France and the USSR and, as a result, took over the Banque Commerciale pour l`Europe du Nord.


In June 1940, France signed the Armistice. In the same month, the German military authorities issued an attachment order placing the Bank under compulsory administration.

A custodian was appointed who simply had an empty bank to manage throughout the war.


In a context of a war, in Indochina and Korea, the Bank moved the substantial dollar deposits belonging to the USSR and China out of the United States and thus created a market for the US currency beyond American control.

In the European marketplaces where the Bank operated, players commonly used its telegraphic address Eurobank which was quite naturally associated with the "Eurodollar". The term "Eurobank" was ultimately to be added to the Bank`s business name. As for the Eurodollar market, it continued to function independently from the Bank to which it owes its name.

During this period, there was also an increase in trade between France and the USSR, initiated by major French corporations who often domiciled their transactions with BCEN.


BCEN took part in a number of finance banking pools set up by major French banks.

At the core of geopolitical change and, as a security measure, BCEN (EUROBANK) set up substantial provisions which it added to every year in order to offset the depreciation of certain of its assets. In 1989 it changed its name to BCEN-EUROBANK and, in 1990, set up a subsidiary in Moscow, the Evrofinance commercial bank.


The Russian Government decided to give BCEN-EUROBANK its full support and the Central Bank of Russia became its principal shareholder. It also changed its system of management with the introduction of an Executive Board and Supervisory Council.

Its financial structure was consolidated in 1994 and the shareholder structure extended. It made new investments in the form of a holding in the International Moscow Bank (IMB), now one of the leading banks in Russia.

At the dawn of its 75 years, it consolidated its position in Franco-Russian bilateral relations, playing a dominant role in intergovernment finance agreements strengthening its activity as an intermediation bank.

The event that marked 1998 was the outbreak of a financial crisis in Russia. In the second half of the year, the Bank was obliged to cope with a moratorium decreed by the Russian authorities and payment defaults by certain counterparts.

The Russian banking system was severely affected; despite the difficult situation, the Bank was able to find reliable partners, extend its list of correspondents in the CIS and actively renegotiate its compromised receivables with Russian banks.

In June 2003, BCEN-EUROBANK obtained a 100-million dollar, five-year loan from the International Finance Corporation (IFC), a branch of the World Bank group, for financing in the private sector, mainly in Russia. Strengthened by the economic progress made by Russia since 1998, BCEN-EUROBANK is playing an increasing role in the financing of the everyday business and investments of its principal customers.

In June 2005, the Bank launched a USD 150 million pool Eurocredit, entrusted to three first-rank European Banks, for a three-year period.

in December 2005, Vneshtorgbank-Russia (VTB) became the main shareholder of BCEN-EUROBANK.

In September 2006, the Bank launched a new USD 200 million pool Eurocredit for a two-year period.

On 24 October 2006, BCEN-EUROBANK changed its name to VTB Bank (France) SA.

On 20 December 2006, VTB Bank (France) SA becomes a subsidiary of VTB Bank (Europe).

In December 2007, VTB Bank (Austria) AG becomes the main shareholder of VTB Bank (France) SA in the frame of the creation of VTB’s European Sub-Group.