More than just a construction project, this is a strategic move. In Monaco, CFM Indosuez is continuing on its path as a locally rooted and globally committed bank. Its iconic building on Square Gastaud is currently undergoing a major transformation aimed at redeveloping its spaces, improving employee comfort and embodying its image as a responsible banking player. Vincent Thomas, Deputy Chief Executive Officer, and project architects Eric Puzenat and Jérôme Hein outline a vision that is resolutely focused on the future.
Vincent Thomas. Absolutely. The purchase of this building in 2019 was already a strong commitment. We have a partially Monegasque shareholding, which is an essential part of our local roots. CFM Indosuez has been here for 103 years. We are here for the long term, stable, sustainable and solid. And this stone building reflects that solidity and long-term commitment.
V.T Yes, from the outset, it was always going to be a renovation. Firstly, because the structure is sound, secondly because it makes economic sense, but above all because it is consistent with our environmental policy. Everblue expresses the values and requirements that CFM Indosuez brings to every real estate project financed for our clients.
V.T The design phase of our building has been awarded Gold level BD2M certification (Mediterranean and Monegasque Sustainable Buildings). Our goal is to achieve this level for the other stages of the construction project. It is very ambitious and reflects the commitment of the Indosuez Group and the Crédit Agricole Group, which are very sensitive to these issues, as well as the Principality’s focus on ecological transition.
V.T The process took several months. The objective was clearly renovation. The architects were free to propose more or less significant changes to the existing building. We had five or six candidates and finally chose The A Group and Ateliers 2/3/4/.
V.T The visible part of the work will begin in September 2025 and is expected to last 24 months. The building is scheduled for delivery in the second half of 2027. This may seem like a long time, but it is a complex project. We have already organised temporary relocation for our employees: the sales teams will remain in the heart of La Condamine, and some support teams have been moved to Fontvieille.
Architects Eric Puzenat and Jérôme Hein have presented a detailed project that combines aesthetics, sustainability and technical innovation.
Renovate rather than demolish
“As the existing structure is of good quality, demolition would have been a financial and ecological loss. Today, in Monaco, we need to enhance what already exists rather than systematically demolishing it. This saves time and money, but above all, it is part of a sustainable approach. ‘ Since 2018, Monegasque architect Jérôme Hein has said that he has only worked on renovation projects, welcoming this growing trend.
Between mineral and plant
The architectural concept is based on a combination of mineral and plant elements, placing the building in a ’Mediterranean landscape” visible from the Rock and the Tête de Chien.
“We have created a volume made entirely of pierced stone, housing hanging gardens topped with a canopy, reminiscent of the umbrella pines on the Place du Palais. The pavilion on the roof and its garden echo the kiosk in Square Gastaud, placing the building in dialogue with the city. “
Elevation and noble materials
The renovation includes two additional floors. To lighten the structure, the architects designed:
The four massive concrete pillars, characteristic of the existing building, are integrated into a fluid architectural dialogue thanks to horizontally and vertically sliding stone blocks, giving the building a new visual interpretation.
Comfort, light and bioclimatic design
The project focuses on the judicious use of glazing, reducing the glass surface area compared to the existing building while maximising natural light. Sun protection, opening windows and ceiling fans promote natural ventilation, reducing the need for air conditioning. A “nearly dry” construction site is also favoured, thanks to prefabrication that eliminates on-site concrete pouring and the associated nuisances.
‘This is a conscientious and virtuous renovation project that contributes to urban renaturation while enhancing the existing building and offering greater comfort to residents and employees.’
‘This building embodies our sustainable vision.’
With this project, CFM Indosuez confirms its position as a solid and responsible bank of reference in the Principality, while actively contributing to Monaco’s sustainable transformation.
