Based in Monaco since 2011, after its acquisition of Dexia and Banque Pasche in 2012 Banque Havilland has grown steadily but nevertheless fosters discretion. We met the Assistant General Manager, Olivier Giaume, accompanied by Sébastien Lerjen, Director.
How would you describe Banque Havilland?
It is a family owned and independent private bank, founded by a talented English businessman: David Rowland. In 2009, he had the opportunity to acquire an Icelandic bank, the Kaupthing Bank, in Luxembourg and to found Banque Havilland SA, the group headquarters. Following the Lehman Brothers bankruptcy, he considered his assets would never be safer than in his own establishment. He had also been thinking for some time, and based on his experience also, that there was a real need for a traditional private bank able to offer its clients the guarantee of secure asset investment. As a consequence, Banque Havilland provides high quality service, backed by a solid institution that offers clients security and reliability.
The Bank is managed in accordance with the traditional values that represent the brand image of the Family and reflect its service expectations. Our priority is to offer discretion and excellence, elements that any wealthy family expects from the services of a private bank. Our strategy is focused primarily on personalising customer services. Being a family-owned and independent bank gives us the flexibility to adapt quickly to needs and to offer personalised services. We do not have the typical infrastructure constraints of the large banking groups.
Apart from Monaco, Banque Havilland is now present in Luxembourg - our headquarters – and London, Geneva, Zurich, Lichtenstein, Nassau, Moscow and Dubai, the latter two being representative offices.
In Monaco, bank transparency is in order. Is that an advantage?
A bank can only be in line with legislation and work according to the international standards. Monaco benefits from a high level of regulation. Whatever the evolution of the applicable rules, it is an attractive and competitive financial centre which still attracts many foreign investors and wealthy families wishing to settle in Monaco in the long term. That is perfectly consistent for us. In this context, we believe that Banque Havilland is a more-than-attractive private banking offering, in view of these specificities. Banque Havilland Monaco is a SAM, an independent legal entity while being a member of a growing group, which demonstrates that the banking transparency you refer to is definitely an advantage when combined with the adaptability mentioned earlier. This will and adaptability that we foster give us the opportunity to go to markets other institutions have abandoned - but always following strategic decisions in line with regulatory developments, in the interest of our clients and the Monegasque financial centre. What is beneficial for Monaco is beneficial for banks, and vice versa.
What are the special features of Banque Havilland?
The founding Family, which is constantly involved and has a high-quality network of contacts, enables us to meet and serve high value-added clients. As the principal shareholder, the Family ensures the stability and sustainability of the company and its business. By placing Family members in key positions within the Bank, our shareholder intends to ensure their values are fully integrated into the company culture.
Next, the quality of service we provide in Monaco, which is often emphasised by both clients and prospects. We have been based in Monaco since 2011, our staff are experienced and our clients trust us. Offering investment services, we operate in open architecture, and we reason in terms of service, not in terms of products – there are no product campaigns in our Bank. Our offering is built according to our clients’ expectations and adapted to their needs. We do not confine them to a predefined range of ‘house’ services and products.
In addition to the traditional banking services we offer, our clients have the opportunity to co-invest with the Rowland Family, based on opportunities which arise and the investment strategy.
Essentially, who are your clients and how do you manage them?
Our clients reflect the multicultural nature of Monaco: they are increasingly from Eastern Europe, plus local residents (40-45%).
We outsource support services such as the trading room - which offers our best clients a direct access service – IT and the back office to our Luxembourg headquarters, which allows us to maintain a modest team of sixteen employees; a dynamic team totally dedicated to serving clients.
What do you see as the major changes in the financial centre since 2011?
Monaco plays an important role in the group's structure. As mentioned earlier, we believe that the Monegasque financial centre is competitive and attractive. The quality and sophistication of its services has evolved over time to meet demand and is quite remarkable, both in the banking profession - which is on a par with the major European financial centres - and in other sectors of activity.
Private banking clients no longer seek confidentiality alone. They now wish to live in Monaco, and work there. This has led to an evolution of supply in all areas: law firms, accountants etc., to satisfy a more demanding clientele. The property supply is also evolving, as these new residents are seeking larger homes.
Many actions are being implemented to promote the Principality of Monaco, particularly with the AMAF committee for the promotion of the financial centre, which Sébastien is a member of.
For the rest, it is useful to recall the quality of life and work offered in the Principality of Monaco, and the level of security enjoyed by people and assets.
The proximity of Nice Côte d'Azur airport, with direct flights to Luxembourg, London, Switzerland and Russia, allows us to support our clients not only in Monaco but also in other financial centres where we have a presence. Because most of the time our clients invest internationally.
