Crédit du Nord Monaco CEO since 2007, Jean-Patrick Court knows the financial centre to perfection.
He describes the main positioning of his establishment in Monaco.
Can you define your customer base?
It is made up of 82 different nationalities, 67% of which are residents of Monaco. Our development approach is centred on the latter now, more than ever, but also on customers resident in OECD countries, while integrating the new tax regulations; our new customer base is fairly European (Italian, Swiss etc.) with some Russians. In general they are loyal, which we appreciate.
How do you explain that?
We take great care to maintain close relationships with all our customers. Through their advisor, they have a single point of access, whether they are businesses, private individuals or property or financial investors. They appreciate this approach, which is traditional and differentiating but almost original today. Residents and visitors are attached to secrecy and the tailored approach, and their transactions are organised and handled here in Monaco. Here, all our customers are important and there are no ‘low grade’ customers.
You mentioned the tailored approach
While the banking and finance sectors are industrialising in Europe, the Crédit du Nord Group gives a broad range of initiative and autonomy to its regions and branches, Monaco included, to adapt to market specifics.
So CDN Monaco has built up a specialist, qualitative approach to its mainly financial customers. The dedicated listening and analysis phase is followed by research and personalised tailored solutions. They may take the form of support through property or capital financing, or investment advice for the capital or financial markets. This includes all forms of architecture combining products registered with the top international funds - Amundi, Franklin Templeton Investments, Fidelity, Comgest, Russell etc. Deliberately, the advisors have no bonus incentive on product marketing and sales. They have full flexibility to create responses to customer needs, obviously within the bounds of compliance. This ‘traditional’ and ‘tailored’ way of working is also very interesting and motivating for the teams. Compared to the success of PEA building society savings plans in France and life assurance, in Monaco the diversity of investments is broader and highly oriented to fixed income products, direct securities and international funds.
You work with companies as well…
They make up 25% of our customers. The business part is growing strongly and goes with the financial approach. This market is a real growth driver. We hire young people whom we train in business trade, since the financial centre’s specialisation is private banking and wealth management. Companies are supported during their development, but sometimes also starting from their establishment and some start ups prepare the future.
How do you see the future?
Our challenge, and more generally that of today’s banking sector, will be to combine adaptation, growth and compliance.
Are you now a member of the CCIN? (the Personal Information Control Commission)
This is a very interesting mission at the heart of current events: ensuring compliance with people’s fundamental rights and freedom in a specific area – use of their personal information. This mission must be performed serenely, with consideration for private individuals but also for the civil service and businesses.
