Page 39 - Monaco Economy 117

Société de Banque Monaco

“We made allowances with loans

to overcome the crisis”

Interview by Milena Radoman

In 2020, due to the crisis, credit activity intensified and the trend looks
to be similar in 2021. We meet with Marc Sallé de Chou, Managing

Director of the Société de Banque Monaco (SDBM).

In the crisis year of 2020, did corporate How did it happen in real terms?
credit increase? The bank studied the loan requests, gave its
We have indeed provided funding and, more approval and presented them to the decision-
broadly, support for businesses during the making committee of the guarantee fund. In
crisis. Business and professional customers normal times, some financing would have
(including shops, liberal professions and been more difficult to obtain but we made
very small businesses with a turnover of allowances to overcome the crisis. For the
less than €3 million) are our core targets. second generation of loans, the bank asked
The Société de Banque de Monaco is now - businesses to stand surety for 35%. A total
since May 2020 - a subsidiary of the Société of 150 loans have been granted by the
Marseillaise de Crédit and the Crédit du Nord, SDBM, amounting to €100,000 on average.
two groups traditionally orientated towards Global loan activity (real estate, mortgages,
the corporate sphere. corporate, etc) is around €1 billion. I salute Eric Vernusse, DRH de la SOCIETE DE BANQUE MONACO
the work of our teams, who did their best to
What were clients asking for? help clients and grant loans within 48 hours! What about investment in real estate?
We had two different types of requests. 2,600 Activity in the property sector did not slow
clients wanted to postpone repayments on How do you see the trend going in 2021 for down – quite the contrary, it is 10% above
loans during the first quarter. We postponed corporate credit? 2019 figures! It is a very healthy market
payments for six months in order to let During this troubled period, companies are and we have many requests for funding for
businesses breathe. Some companies also going to have treasury problems in the sectors 2021 from private individuals for their main
asked for temporary overdrafts and we also of tourism, events and hospitality. For these residences. It is a big trend and these requests
insured the loans guaranteed by the state. For businesses, it is also an opportunity to find for funding for primary residences are larger
the first generation of the Principality’s support ways to diversify – for example, restaurants the bigger the surface area of the property.
measures, loans were guaranteed 100% for organised themselves to handle takeaways Even wealthy families use credit, since the
capital and interest by the Monégasque state, ordered online. The Blue Fund will enable interest rates are so low. Credit is inexpensive
with an interest rate of 0.75%; and for the companies to develop their digital services. so becomes an investment.
second, the state’s guarantee was fixed at 65%.

Teleworking For All In 2021. During the crisis, the SDBM, like other establishments in the Monaco marketplace, opted for distance working.
“We managed to furnish 98% of our staff with laptops,” states Human Resources Director, Eric Vernusse. The SDBM is currently preparing for
another change: “In January 2021, we shall offer the possibility of home-working to all our staff, in line with the Monaco law of three days per
week. I think we will be the first company in Monaco to offer this to all departments of the bank.” What is the purpose of this pilot scheme?
“The well-being of our staff is paramount and this new working method will help to eliminate the fatigue associated with spending between
one the three hours on public transport, whilst still being able to offer our clients the same quality of service. This new organisation of the
way we work will not be a carbon copy of the face-to-face interaction.” The SDBM plans to call upon coaches and use training sessions as
an accompaniment to teleworking.

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