Nicolas FEIT, CEO Société Générale Private Banking Monaco & SG Monaco, heads up a universal bank combining private banking, corporate banking and retail banking. Recently appointed Chairman of the Commission de Promotion de la Place (Monaco Promotion Commission), he talks to us about his initial mission within the Association Monégasque des Activités Financières (AMAF).
A few words about your career?
I began my career in 1999 in the retail banking division of the Société Générale Group. In 2004, I joined Societe Generale Private Banking France as a wealth engineer, then Head of Wealth Engineering and Development in 2010. In 2012, I joined Société Générale Private Banking Monaco first as Sales Director in charge of private banking and retail banking activities. Finally, in 2017, I joined Société Générale Private Banking in Switzerland as Sales and Marketing Director, before being appointed in 2019 as Sales Director for international private banking in the financial centers of Luxembourg, Monaco and Switzerland.
In 2020, I became General Manager of Société Générale Private Banking Monaco, a position I still hold today.
Over the past three years, we have successfully merged our two major retail banks in the Principality: Société Générale and Société de Banque Monaco (Crédit du Nord Group) to create SG Monaco, which has enabled us to become a leader in all market segments, and demonstrate our strong commitment to the local community.
Does this diversified knowledge of all aspects of banking influence your approach to promoting the financial center?
The promotion of the financial center must be diverse and active, and address a multiple audience: from the investor to the entrepreneur who sets up his business in Monaco, and of course the Ultra High Net Worth Individuals (UHNI) who take up residence in the Principality.
We need to communicate on all the country's assets: its geographical location and favorable climate, the security of goods and people, and the Principality's financial stability, which is a strong economic asset in a world of perpetual uncertainty. In addition, the Principality offers healthcare and education of the highest international standards.
The aim is to enhance the attractiveness of the Principality in four main areas:
- new residents and wealthy international clients
- the Principality's entrepreneurs, particularly those operating in highly diversified sectors such as digital and tech....
- talent, as it is imperative to attract top-level bankers and asset managers to the Principality.
- And finally, I believe it's important to focus on promoting the expertise and identity of Monaco as a financial center. On this point, we're relying on AMFID (Association Monégasque de la Finance Durable) and its expertise in Responsible Finance, or any other entity with a strong theme and expertise, such as that related to investment funds and Monegasque funds.
Can you imagine a very national or outward-looking promotion?
In Monaco, competition between financial players isn't just intra-mural. It's very international, and takes place between various financial centers: Luxembourg, Dubai, Singapore, London, Paris, Switzerland... We have specific characteristics that we need to promote, whether they concern the quality of life in Monaco, or the banking performance we can offer. A small country is inevitably more agile, and we have a lot to offer our competitors. In this respect, promotional trips abroad with various delegations such as the Monaco Economic Board or the Monaco Private Label, under the aegis of Mr. Frédéric GENTA, Interministerial Delegate in charge of Attractiveness and Digital Transition, are very effective. A coherent discourse between each delegation will reinforce our attractiveness to entrepreneurs, such as family offices or UHNWIs, and position us all the better vis-à-vis other European and international markets.
However, it is just as important to communicate locally in Monaco, to give all our clients and potential partners an accurate picture of the Place. The content of objective and accurate communication will enable the Place to shine both locally and abroad.
In practical terms, where do we start?
By continuing to capitalize on our strengths in private banking and wealth management, and by listing and highlighting our areas of expertise: a large proportion of the banking establishments in the region deal mainly with wealth management, so promoting corporate banking could be interesting, as it's an area of expertise we don't talk much about. We can also imagine forging partnerships, directly or indirectly, with other business sectors, and promoting the region's expertise in real estate financing, for example. It is also possible to link the promotion of the Monaco marketplace to major events such as the Grand Prix or the Monaco Yacht Show, and to capitalize on the experience of players operating in related sectors (luxury automobiles, yachting, etc.).
There's no shortage of promotional opportunities...
That's true, even if we have to bear in mind that the finance professions are above all relational, and that the links forged with our customers are fundamental. If they're satisfied, they'll be our best ambassadors.
