The Cetelem branch in Kremlin-Bicêtre, Paris suburb

Cetelem or the Compagnie pour le Financement des Equipements Electroménagers was founded in 1953 from the desire of Jacques de Fouchier, a visionary entrepreneur, to facilitate French people’s accession to modern comforts through consumer credit. In after war France, the needs for household appliances were substantial. In 1952, only 7% of the families had refrigerators and washing machines. Consequently, Jacques de Fouchier established a new in-store credit system, which instituted a tripartite relationship between the consumer, the retailer and Cetelem.
The formula was highly successful and Cetelem became the largest consumer credit institution in France in barely 10 years. The decentralisation of Cetelem made it possible to establish 13 regional divisions from 1963 to 1970.