During its first year of existence, the new bank joined forces with Crédit Lyonnais to head the financial consortium set up to float one-third of the Franco-Prussian War indemnity loan of 3 billion francs for the French government.

The major part of the funds raised by Banque de Paris et des Pays-Bas came through its Brussels outlet as a result of the close relations established with certain German financiers.

During that period it led or participated in major government loans, and in share or bond issues for French and foreign private companies.

Its merchant-banking profile had enabled it to sidestep nationalization in 1945 and Paribas was able to take full advantage of the legislation of 2 December 1945 and 17 May 1946, which ratified the status of a full-service bank.

It also directs its activity towards businesses and participates in the development and restructuring of French industry including names such as Bull, CSF, Thomson.

It was developed in the 1970s by Marc Rich and his commodities brokerage Glencore and has been designated by the UN and the World Bank as a cause of impoverishment of oil producing countries and as one of key phenomena of kleptocracy.

Between 1995 and 1997, the bank clearing department, then headed by Alain Bernard, funded $573 million of arms sales between Russia and Angola, according to Judge Courroye's investigations.

Jean-Didier Maille, Alain Bernard's deputy, set up the financing and the two men would have received $30 million in commissions in foreign accounts for their actions.

For its part, André Levy-Lang, CEO of Paribas subsidiary Compagnie Bancaire said he was not aware of this case and the fees charged by Alain Bernard and Jean-Didier Maille.