Loïc de Villeneuve: "I find the Monegasque financial center exciting”

2015-01 penta-advisory

Loïc de Villeneuve took over the management of LCL Monaco a little over a year ago. He shares with us his thoughts on the positioning of his establishment in the Principality and on the Monegasque financial center.

Could you describe your career path?

I spent 25 years with the Crédit Agricole Group, mostly at LCL. I began my career on the corporate market at Crédit Lyonnais, holding several positions as a corporate account manager and then as a corporate account manager for large companies. I then seized the opportunity to work in Africa at Crédit du Sénégal, as Branch Manager and then Operations Manager. We worked with all types of local and international clients, individuals, professionals and companies. After returning to France in 2008 at LCL, I joined the Private Banking division, where I held various managerial positions, including that of Director of the Greater West region. I arrived in Monaco last year as Manager of the LCL branch in Monaco.

What is your impression after a year in the Principality?

I was enthusiastic about the unusual nature of the clientele, its multiculturalism, and the strong Monegasque identity. I find the financial center exciting, very international, which makes our mission as a retail banker extremely interesting due to the variety of client issues. On the other hand, the constant vigilance on compliance and the use of compliance procedures that are sometimes different from those in France are also specific elements to be integrated into the daily management of our missions. We are fully consistent with the strategy of LCL and the Crédit Agricole Group: a local universal bank that participates in the development of the economy of its territory while remaining attentive to compliance issues.

Do you manage the only LCL branch outside France?

Absolutely, we are an urban bank located in France, whose main objective is the satisfaction of our customers. LCL Monaco is also one of the oldest foreign banks established in Monaco since 1900, with a loyal historical clientele. We wish to support local financing and economic development. This is the reason of our presence here.

LCL Monaco is a retail bank...

Around sixty employees, most of whom are private, professional and corporate advisers, work in 4 branches across the country. We provide the services of a retail bank to Monegasque residents and to employees, profesionals and entrepreneurs working in Monaco, and this for all types of clientele, individuals and professionals, including a Private Banking and Corporate Banking department. We have been experiencing a strong development in Monaco for several years.

How was the bank organized during the pandemic?

First of all, we focused on the protection of our clients and employees. We remained open to clients every morning. In the afternoon, all our employees could be reached by telephone during the branch's usual hours and answered customer calls and e-mails, with remote working solutions (computer and telephone). We deployed teleworking opportunities for everyone in record time and I am very proud of the way the teams reacted. We wanted to remain very close to our customers, reassure them and listen to their needs, so we increased the number of telephone contacts.

Concerning financial aid, we very quickly granted extensions of maturity on loans to our clients who requested it, and issued loans with the help of the Monegasque Guarantee Fund to our Professional clients. Since July, we have also been approached for loans to support the resumption of activity.

What do you think of remote management?

It's a challenge that has been taken up by our managers, for whom this situation was often totally new. Employees had to organize their teleworking days in an optimal way. LCL was able to respond quickly to this new need in its organization, and we realize that a large majority of our businesses can be compatible with a dose of home-based work. This is societal progress, and should be appreciated as such.