According to the Monaco banking website Monaco for Finance, the Société de Banque Monaco (SDBM) – a subsidiary of Crédit du Nord – and Société Générale in Monaco will open a combined business win January, trading under the name Société Générale Private Banking.

Nicolas Feit, CEO of Société Générale Private Banking, and Marc Sallé de Chou, Managing Director of Société de Banque Monaco, said that the aim of the merger is to create a new retail bank that will operate in every market segment. “It is above all a development project on the priority markets: wealth management clients, companies and business users (craftspeople, traders, licensed professionals, and so on). We want to remain rooted in the regions, maintaining a very close relationship with our customers.”

Asked if the new bank will have a presence in all segments locally and internationally, they answered: “Yes, with increased synergy between all areas of our business. We have a very wide range of clients, from craftspeople through to large fortunes. Our wealth management clients who are not handled through private banking need assistance that offers complete confidentiality, management services with added value and expertise. This is what we offer them, with expert advisors available in our branches, and a full selection of remote banking services for their everyday transactions. Branches will thus become a focus for advice and expertise.”

The new entry will have more than 300 staff, and will be one of the top employers in the banking sector. According to Messrs Marc Sallé de Chou and Feit, the same is true for the number of clients, as the new bank will have 25,000 clients, including more than 20,000 private individuals and 5,000 legal entities.

The fusion of Credit du Nord and Société Générale branches in France has resulted in the loss of more than 3,000 posts and the closure of several branches.

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