It was founded in 1981 at the suggestion of the Bureau de Rapprochement des Entreprises of the European Commission in anticipation of the single European market.
The G.E.B. is a not for profit organisation and focuses on exchanging information on the financial and banking situation of the countries represented.
Observing different markets and studying trends helps the members adapt to an ever-changing financial environment, improve competitiveness and develop customer care. In brief, acquiring knowledge leads to improvements in existing and new services.
During the annual General Management Meeting of 2012, held in London, GEB members resolved to establish a European Economic Interest Grouping (EEIG) according to the Council Regulations of European Economic Communities No. 2137/85, having its official address in Brussels. To this purpose a new agreement and statutes were drawn up and signed in June 2014.
The spirit of the Group is well described in the following excerpts from the Lettre d'Intention
signed by member banks when joining the G.E.B.:
With the aim of developing customer-assistance, observing various markets, seeking advice, examining different initiatives and trends, and acquiring more international know how, a number of banks established a group under the name of G.E.B. (Groupement Européen de Banques). The development of such a group allows the transfer of banking, commercial and EDP information, as well as the exchange of employees for training purposes or reciprocal arrangements for customers, in fact all activities considered of common interest.