As CEO of Barclays Private Bank Monaco—having previously served as head of private banking Olivier Franceschelli embodies the next phase of development for an institution that has been firmly rooted in the Principality for over 100 years and is now undergoing a profound transformation.
I arrived in the Principality in November 2001, following stints in Milan and then London with a major French bank. I developed my expertise in financial markets and derivatives while working at several international institutions. I joined Barclays Monaco five and a half years ago, during the COVID-19 pandemic, as Head of Private Banking. I am currently the bank’s Chief Executive Officer.
A major turning point occurred two years ago with the arrival of Sasha Wiggins to lead the Private Banking and Wealth Management divisions. This reorganization established a distinction between domestic and international operations. The managing directors—from Geneva to Dubai, via Zurich, India, Monaco, and most recently Singapore—are now united under the leadership of Annabelle Bryde, who heads the “Private Bank International” division. This direct link is essential to providing the best possible support to our international clientele residing in Monaco, who value our status as an Anglo-Saxon bank operating in Monaco.
These clients live in Monaco, but often their children are studying in another country, or they hold assets or own a business in another jurisdiction. Our international network allows us to connect them to the entire Barclays ecosystem. As the leading lender in the financial center, we hold a premier position in the Principality’s credit market. Beyond lending, our ambition—in line with the strategy led by Sasha Wiggins—is to become a true investment partner for our clients and their children.
We aim to make Monaco a gateway to the entire Group. We have a renowned investment bank—not only in the United Kingdom, of course, but also in the United States, Singapore, and India. Locally, some thirty specialists handle matters related to cash management, credit, and investment solutions (including private equity). From Monaco, we offer a truly comprehensive approach to wealth management—investments, philanthropy, and wealth transfer—by relying on dedicated experts rather than simply managing portfolios.
In effect, yes: we serve as a gateway, but also as a point of contact for other locations. We’ve seen this recently with clients who, for geopolitical reasons, have wished to leave their country temporarily or permanently. The goal is for clients to feel at home wherever they are—whether in London, Dubai, or Singapore—with the same level of service and recognition. We’re working to streamline our onboarding processes so that clients are recognized across all our subsidiaries. Of course, this is subject to the client’s explicit consent to share their data. Data confidentiality is one of our top priorities.
That’s correct. The reunification of the Private Banking and Wealth Management businesses required a considerable effort to harmonize IT systems, as these two entities had long operated with separate systems.
We have launched three-year plans focused on this technological convergence. Furthermore, the complete renovation of our offices in Monaco now allows us to benefit from facilities better suited to welcoming our clients and ensuring the well-being of our employees.
We operate in an environment where banking secrecy is a fundamental pillar of the relationship of trust with our clients. This requires absolute vigilance in the management, processing, and transmission of any sensitive information. We therefore use artificial intelligence strictly within the limits permitted by Monegasque regulations and our internal standards. That said, this technology will undeniably reduce repetitive tasks and minimize the risk of human error. Barclays strongly encourages its employees to build their expertise in these areas—understanding the tool before using it, rather than the other way around—through numerous training modules tailored to each jurisdiction. In my view, artificial intelligence will likely transform retail banking more than private banking, where the client relationship remains fundamental.
We have been pioneers, both in Monaco and at the group level, in private placements. Our international and sophisticated client base shows particular interest in this asset class. We naturally offer discretionary management and advisory services, but it is indeed private equity and private placements that are currently the focus of most of our clients’ requests and attention. Risk appetite varies as much as the clients’ profiles themselves, but some favor private equity—despite its low liquidity—because it mirrors the way they themselves built their wealth. What we consistently strive to convey to our clients is the importance of diversification, which remains the best defense for building a resilient portfolio.
Here again, diversification is key. But since 2001, we’ve noticed a clear shift: families are settling in Monaco at an increasingly younger age, whereas previously they would arrive only after having built their wealth and retired from their professional careers, and would not begin considering wealth transfer until much later. Today, these questions—how to pass on wealth and in what structure to hold assets—are addressed much earlier in the process. Our international presence requires us to be prepared to address every possible scenario.
We have specialists dedicated to philanthropy and organize annual events to raise our clients’ awareness of these topics. Some of them are deeply involved alongside the Prince’s Government, and we support them on various initiatives. Our role is to provide a comprehensive overview of existing solutions and let each client engage with them according to their level of interest. This is precisely what sets private banking apart: matching the right specialist—whether in philanthropy, wealth structuring, or private equity—with the right client at the right time.
Our headcount remains stable, between 230 and 250 employees, but we’re actively recruiting, combining internal promotions with hiring external talent. The private banking profession is undergoing profound changes: we need more and more specialists. The number of bankers and specialists in direct contact with our clients has tripled in six years.
The relationship is no longer based solely on the banker-client duo, but on a true team: the banker, now acting as a conductor, is supported by a credit specialist, an investment specialist, a private equity specialist, a banking specialist, and a client acquisition specialist—a direct reflection of the growing complexity of our clients’ wealth structures.
This year, at the group level, we launched a sponsorship partnership with the prestigious Williams Formula 1 team, which mirrors our private client base and has already been a remarkable success in Monaco. We also inaugurated our fully renovated offices, honored by the presence of His Serene Highness the Sovereign Prince and Barclays’ Chief Executive Officer, Mr. CS Venkatakrishnan. Barclays has been present in Monaco for over a century, and at every key stage of our history, we have been able to count on the support of the Sovereign and the Government—a support that our clients greatly appreciate and that lends our presence here invaluable legitimacy.
