Mr. Francesco Grosoli is Managing Director – Wealth & Investment Management EMEA at Barclays Monaco, the oldest foreign private bank in the Principality. Set up near the Casino in 1923, it evolves continuously in accordance with the Monegasque banking centre.
Monaco’s financial landscape is changing, moving in particular towards greater transparency.
What do you think of that? How is Barclays positioning itself in this context?
We had long anticipated these regulatory changes. I can even say with no difficulties, as we were the precursors for this in Monaco. On the one hand, the group we belong to had made global arrangements in that respect, and on the other hand we needed to prepare ourselves for legal changes in direction that would necessarily rightly take us back to our core business.
In a context of generalised transparency, that would allow us to highlight our real competitive advantage: bespoke service - crucial in the private banking area.
What do you think of the new law on Multi Family Offices in Monaco?
Generally speaking, I am always in favour of the Principality of Monaco’s legislative structuring. Like any new law, it should be evaluated, particularly as regards its results in terms of wealth and business creation. The MFO (multi family office) professions involve several fields, and I think that in practice there will be some adjustments, but that the initial will of the legislator is heading in the right direction.
You have high involvement with students in Monaco, as well as in promoting the financial centre. Is this involvement important for Barclays Monaco and your Group?
When you want to get involved for a client, as part of a global approach to their needs, an intergenerational approach is a must. That is why the generations matter a great deal to us. We are in favour of socially responsible approaches, including to the young people who are our future. I personally find it great that students can benefit from a little help to support them for their success.
As far as promoting the financial centre is concerned, our organisation ensures that Monaco shines in Switzerland and the UK but also in Dubai. Our on-shore clientele is often foreign. It carries the Monegasque financial centre’s image abroad de facto. We have a duty to set an example, to continue to shatter those stereotypes that we may still suffer from at times. Be it the banks themselves, ours in particular or AMAF’s actions to promote the Monegasque financial centre: all this remains very important, not only for Barclays Monaco but also for the Group.
