4 - Are foreign banks operating in France covered by the FGDR?

1/ If a foreign bank, regardless of its country of origin, operates in France in the form of a subsidiary, i.e. a company legally separate from its shareholder, the subsidiary operates in France as a French bank and is covered by the FGDR.

 

2°) If the foreign bank has its head office in another country of the European Economic Area (EEA) and operates in France through a branch (or a sales office, i.e. a physical place of business that is not legally separate from its parent company), the foreign branch is covered by the Guarantee scheme of the country of the parent company.

 

Foreign bank cover: principles

Conversely, if a French bank operates in another EEA country through a branch (or a sales office, i.e. a physical place of business that is not legally separate from its parent company) that European branch is covered by the FGDR, the parent company's guarantee scheme.

 

Within the European Union, guarantee schemes cooperate to compensate customers under the best conditions.

 

3°) If the foreign bank has its head office outside the European Economic Area and operates in France through a branch or sales office, the branch in France is covered by the FGDR unless equivalent coverage is provided by the guarantee scheme of the country of the parent company.

 

Important note: when opening an account or before completing a large transaction, customers are advised to obtain information from the institution. The institution is required to inform customers of the guarantee scheme of which it is a member.

 

To learn more, refer to the "Institutions Covered" section.