AMAF in Moscow.
From 2-5 October, Monaco Chamber of Economic Development went on an economic mission to Moscow, as part of H.S.H. Prince Albert II’s first official visit to Russia. Mr. Bernard Rousselot, Chairman of the Monaco Financial Sector Promotion Commission of AMAF, presented the special features of the Financial Centre in Russia.
What were the interests of this mission for AMAF ?
The Monegasque economy has the feature of expedient diversification of its various sectors of activity. However, financial and insurance business constitutes its most important hub, with marked growth in terms of increase in assets: more than 10% year on year.
Our role and responsibility were to accompany this first state visit of the Sovereign Prince to Moscow, and also to support the efforts undertaken by the CDE and the Monegasque Embassy in Russia, with the local support of the Consulate of Monaco in Moscow.
It was also an opportunity to inform our contacts and partners about the framework of the Monegasque financial centre, particularly in this unsettled period on the international level, both in political terms and from the regulatory point of view. In complete harmony with the Government Minister for Finance and the Economy, we highlighted what makes Monaco a special financial centre: political stability lasting over seven centuries, sound finances, and more generally a local context with informed and skilled professionals, in favour of business.
The people we spoke with were motivated to benefit from our stay in Moscow to ask all the questions they might have, and will continue to stay in contact with the Monaco financial centre through our website www.MonacoForFinance.mc which is increasingly successful, having registered over 10,000 visitors in the first year since its launch.
What importance do you attribute to Russian investors in the Monegasque financial centre ?
Anyone walking around Monaco these days is well aware of the evolution and trend regarding the growing presence of a population of Russian-speaking origin in the broad sense. Russia is the fifth largest country in terms of visitors to Monaco, attracted by the different formulas, services or activities it offers. Over the years, some have gone even further by moving to Monaco, to the extent that they now account for 1% of its residents.
This evolution has of course been translated into banks’ clientele plans. Some banks, being aware of the opportunity of an expanding market, have become organised with teams dedicated to this clientele, even guiding them and favouring their integration in the Principality. The complexity connected with language issues and writing in Cyrillic requires long-term investment in organisation terms, on both sides. That reminds us of the origin of SBM, which is celebrating its 150th anniversary this year. Its purpose was to guide English and Russian clientele in their new holiday projects: an additional reason for hoping to see the longevity of this market continue!
What was the outcome of this mission and what are its likely development contacts ?
The initial positive outcome regards the privileged relations we were able to establish between all members of the mission. With a four hour flight time from Monaco, we all agree that we should make our country and its special features better known.
Regarding AMAF and the Financial Sector Promotion Commission, we will also encourage our colleagues in this market to join us, to work throughout the year to strengthen our relations with these countries, and to continue to perfect our offering and propositions targeted to this clientele in the broad sense. Remember that less than a fortnight ago, we also met the persons in charge from Kazakhstan during their official visit to Monaco, which confirms today the position the Principality has taken in exchanges with these regions.
From the Muscovite angle, we were able to discuss with Mr. Oleg M. Preksin, Executive Vice President of the RSPP (Russian Union of Industrialists and Entrepreneurs) which is the country’s main central organisation for economic matters. Various ideas and possible projects could see the light, in accordance with our members’ wishes or ambitions; for example, a merger or partnership between different private or regional bank groups and Monegasque organisations with no direct presence of their group in the country.
Moreover, the Russian financial centre is in full transformation towards a model of the Anglo-Saxon type. Very active collaboration has thus been established with the London financial centre. Depending on our means or willingness, Monaco could be associated with these efforts in the future. That is the proposition which was put to us, and that we shall debate soon at AMAF board level.
