Bank of Savoy

[4] In September 1863, the Bank of Savoy made an agreement with the Pereire brothers according to which the latter would subscribe to a capital increase that would grant them equity control.

In a further twist, Ruphy leveraged this situation to negotiate a higher price of 4 million francs for the Bank of France's issuance privilege buy-out, triggering a court fight with the Pereires until Émile Pereire eventually gave up in 1864 given the government's evident lack of support of his stance.

[4] The episode cemented the antagonism between the Pereires and the Bank of France, which played a key role in the two brothers' loss of control of the Crédit Mobilier a few years later.

The Bank of Savoy was consequently wound up, with its non-issuance-related business taken over by the Comptoir général d'escompte d'Annecy, a new entity established for that purpose.

[7] During the financial turmoil of the early 1880s, the Comptoir général d'escompte d'Annecy, by then led by François Bétrix's son Jules and operating as J. Bétrix & Cie,[8]: 43  underwent distress and was succeeded by a new venture, Frossard & Cie - Banque commerciale d’Annecy on 23 March 1881.