In November 2020, Nicolas Feit was appointed Chief Executive Officer of Société Générale Private Banking Monaco. Drawing on his experience in private banking since 2004 and his knowledge of the Monegasque financial centre, his mission is to pursue the growth strategy of private banking in Monaco and the development of synergies with retail banking as well as with private banking operations in Switzerland and Luxembourg.
Can you briefly describe your career path?
I started my career in 1999 in the retail banking division of the Société Générale Group. In 2004, I joined Société Générale Private Banking France as Wealth Engineer, then Director of Wealth Engineering and Development in 2010.
In 2012, I joined Société Générale Private Banking Monaco, first as Deputy Commercial Director and then as Commercial Director in charge of private banking and retail banking activities. Finally, in 2017, I joined Societe Generale Private Banking in Switzerland as Sales and Marketing Director, before being appointed in 2019 as Commercial Director of International Private Banking in the financial centres of Luxembourg, Monaco and Switzerland.
So you are familiar with the European Financial Centres?
As Commercial Director, I have been involved from the outset in the creation of our private banking system in Continental Europe, which today brings together Switzerland, Monaco and Luxembourg. Today, as CEO of SGPB Monaco, I am in charge of developing synergies between these three European financial centres, in order to offer our international clients a comprehensive range of products and services that brings together the expertise of all three locations, regardless of the country where our client holds his account. It is a powerful European structure centred around the needs of our international clients.
Beyond the synergies within private banking, in the Principality, our spectrum is broad: as an international generalist bank, we are at the same time a retail bank, a private bank and a corporate bank. We also maintain links with other international branches of the Société Générale Group, such as Rosbank in Russia, or our investment bank in the Middle East; they are very interested in our know-how and diverse expertise, such as the financing of prestigious real estate or mega-yachts.
Monaco is today a very stable place, which provides security for the assets. The Principality is therefore attractive for taking up residence and for real estate development. For our part, we have the capacity to lend, to accompany, to be a local player in an international environment.
The momentum I experienced in Monaco from 2012 to 2017 has continued, in a cycle of growth and investment for constant and coherent development.
Is Private Banking a key part of your strategy?
In a financial lace like Monaco, Private Banking is a flagship activity. Our governance is very much oriented towards Private Banking, a sector that is undergoing strong development. We can support our clients in asset management, in our product expertise (structured products, equity derivatives, etc.) and in the acquisition of luxury real estate. As one of Europe's largest lenders, our international presence enables us to find many answers to the various issues faced by our clients, who are often international entrepreneurs.
Our service offers are targeted and differentiating, adapted to the typology of our clientele, or to the markets they address. Our objective: to offer innovative legal, tax or financial solutions adapted to our clients' universe: what impact will their acquisition have on their assets? How do we create the financing, what will be the most suitable structuring? What asset diversification and management framework should be proposed?
It is this type of value-added service that will make the difference in our approach, including with Family Offices.
What do you think of Impact Investing?
The challenges of the ecological and societal transition are at the heart of the Société Générale Group's strategy. We are fully committed to socially responsible investment and our asset management offer integrates responsible, innovative solutions with a positive and sustainable impact.
We also make Corporate Social Responsibility a strong and differentiating focus in terms of mix and diversity. For example, our Executive Committee in Monaco is perfectly mixed². We also support community life by encouraging our employees to get involved in supporting associations.
We have already had the collective agreement for banks in Monaco amended so that we can donate holiday days to employees in the event of serious illness of their child, which is a great step forward.
On the Square, you were also pioneers in terms of teleworking...
Yes, the first in the banking sector, long before the pandemic crisis. This accelerated the process, we demonstrated that it was possible to manage a bank and support our customers remotely, with enhanced security and new processes such as electronic signatures.
Management models are evolving, with an acceleration of digital technology. Today, each of our employees works remotely at least one day a week, with the exception of reception staff, and this system will continue after the health crisis.
Société Générale Private Banking is of course involved in the National Risk Assessment?
Indeed, the international financial Places must continue to work on the Anti-Money Laundering and Anti-Terrorist Financing and Corruption Mechanisms (AML/CFT). Moneyval is fundamental for Monaco, for the respectability of the financial Place, and all the players must get involved: a responsible bank must put forward clear and legible compliance processes, vis-à-vis both clients and regulators.