In Monaco, the world of finance has an increasing number of talented women, and female leaders are paving the way towards equality. Serene El Masri, CEO of UBP Monaco, Delphine Asso, Director of Crédit Agricole Monaco, and Murielle Acouri, Managing Director of Pasha Investments, share their experiences. Between obstacles, opportunities and aspirations, they explain what it means to be a female leader in a historically male-dominated world, in Monaco as in other financial centers.
A bold and persevering journey.
The trajectories of these three female leaders are as diverse as they are inspiring, and they have in common an unwavering determination and an ability to adapt to daily challenges.
Delphine Asso, a business school graduate, had initially ruled out finance as a career. It was through a series of encounters and discovering the diversity of the professions offered by the bank that she decided to throw herself into it. “What attracted me was the possibility of constantly reinventing myself,” she says. Thanks to a gradual progression, through positions in real estate, human resources and corporate banking, she has been able to take advantage of the numerous training courses offered by the banking sector. This quest for learning enabled her to obtain a management position two years ago.
Murielle Acouri has had an atypical career, far from the traditional path. “To begin with, I had absolutely no intention of working,” she says. She had envisaged a life as a stay-at-home mother, but circumstances pushed her into the world of work, without any qualifications. Her rise began when she joined a large American bank, where she was trained on the job. From Paribas to UBS, via Goldman Sachs, she climbed the ladder, acquiring strategic skills that enabled her, in 2017, to co-found her own Family Office in Monaco. “I worked hard, made good strategic decisions and seized every opportunity. In this male-dominated field, you always have to prove your legitimacy and assert your skills, which are very complementary,” she emphasizes.
Finally, Serene El Masri explains that management and leadership are an obvious vocation for her. Passionate about team management and strategy, she has built her career by taking on increasing responsibilities. “Making decisions, shaping the future of a banking entity and achieving concrete results is what has always motivated me,” she says. Her career illustrates the importance of daring to take risks, managing them and cultivating assertive leadership.
Visible but still incomplete progress
While the place of women in finance has evolved, access to positions of high responsibility remains a challenge in Monaco as elsewhere.
In some large banking groups, progress is notable. “Today, we have three women on the management committee, compared to ten men a few years ago. It's a strong signal,” says Delphine Asso. However, this progress did not happen naturally: quotas were necessary to accelerate gender diversity at different hierarchical levels.
The feeling of isolation persists for women who reach key positions.
“When you are the only woman in a meeting of ten men, you sometimes feel uncomfortable, not because of a lack of competence, but simply because we don't have the same way of working,” they explain.
The introduction of quotas is a matter of debate. “I am not in favor of quotas,” says Serene El Masri. It creates an imbalance and can be counterproductive. What is needed is a real change in attitudes.
The path to true parity therefore involves a change in recruitment practices, as well as work by women on self-confidence. “Too often, a woman waits until she ticks all the boxes before applying for a position of responsibility, while a man will not hesitate. Women need to be encouraged to be more daring,” they insist.
Inspiration and female leadership
Although these women are now models of success, they themselves have found their inspiration in other female figures.
Christine Lagarde regularly comes up in discussions. “She has been able to navigate a male world, to lead major institutions while being a mother. She is a figure who proves that it is possible to combine career and personal life,” explains Murielle Acouri.
But beyond the media figures, it is often the mentors they have met throughout their careers who have had the greatest impact. “I was lucky enough to meet women leaders who showed me that it was possible to get there. These concrete role models give us the strength to persevere,” says Delphine Asso.
Female leadership, meanwhile, brings a unique approach to banking management. “A woman, especially if she is a mother, knows how to juggle several responsibilities. She develops a global vision, integrating the financial, legal and human dimensions of a case,” they point out.
In addition, women often have a more measured tolerance for risk. “We are better risk managers. In a sector where caution is essential, our approach brings real added value,” says Serene El Masri. She adds that she believes feminine qualities are decisive in client relations, which can be complex in the private banking sector.
Gender diversity is therefore a strategic issue. ‘A better gender balance on management committees leads to more thoughtful decision-making,’ they conclude.
What levers can be used to achieve more effective equality?
Although progress has been made, structural obstacles still need to be overcome. One of the main challenges is balancing work and personal life. “Women still bear the majority of the mental load associated with the home and children. This invisible weight impacts their progress,” notes Delphine Asso.
One of the solutions put forward is greater flexibility at work, with more teleworking and arrangements adapted to women's constraints. “We have to recognize that women's careers often follow a different rhythm. We must avoid maternity leave or career breaks becoming obstacles to progress,” says Murielle Acouri.
Another major issue is that of mentoring and support. “Young women must be encouraged to consider management roles. Self-confidence is key, and this also requires inspiring role models and active support from companies,” explains Serene El Masri.
Finally, women executives have a crucial role to play. “We have a responsibility to lead the way, to show that it is possible. It is not a question of quotas, but of legitimacy and performance,” they say.
A future to build together
While the world of finance is still largely male, the rise of women executives proves that change is underway. More than a question of parity, for them it is “a real lever for performance and innovation”.
These three women executives are convinced that the future of banking will involve greater diversity and better recognition of the advantages of female leadership. In Monaco, as elsewhere, it is time to see them as key players in the financial sector.
