Let X,Y,Z be three normed spaces over K. The bilinear mapping (u,v)→v∘u of L(X;Y)×L(Y;Z) into L(X;Z) is continuous.
For if u∈L(X;Y) and v∈L(Y;Z) we have
∣∣v∘u∣∣≤∣∣u∣∣⋅∣∣v∣∣,
since for all x∈X we have ∣∣v(u(x))∣∣≤∣∣v∣∣⋅∣∣u(x)∣∣≤∣∣v∣∣⋅∣∣u∣∣⋅∣∣x∣∣ by reason of (2).
In particular, on the set L(X) of continuous endomorphisms of a normed space X over K, the norm ∣∣u∣∣ is compatible with the K-algebra structure of L(X).
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.