From thrifts to universal banks: the sources of organisational change in French savings banks, 1945–2000

This article aims to analyse the processes by which French savings banks have transformed themselves in the past 70 years. Although much is known about how banking has changed in industrialised countries since the late 1970s, in particular through higher competition, regulatory changes and restructuring, we know relatively little about how non-profit banks have been affected. In addition, although the key factors of change highlighted in the literature all reveal an implicit emphasis on exogenous sources of change (i.e. banks respond to changes in their external environment by adjusting their strategy), not much research has been dedicated to investigate the potential endogenous factors of change and, by extension, more complex interactions between banks and their environment have been ignored. This article aims to respond to these two challenges, by drawing on the framework proposed by Haveman and Rao suggesting that organisational change occurs as the outcome of co-evolution between organisations and institutions. Given the key role played by the state in banking, the article proposes an amendment to this framework by taking into account the multiple interdependencies between state and banking actors, and how these interdependencies evolve over time.