Day: 5 December 2017

Société Générale de Banque au Liban (SGBL) has signed an agreement with Luxembourg-based KBL European Private Bankers to acquire two of its subsidiaries, including KBL Monaco Private Bankers. The other is KBL Richelieu Banque Privée in France.

The move is part of SGBL’s international development strategy, the bank said, adding that it requires the approval of regulators in Lebanon, France, Monaco, and Luxembourg. Pending these approvals, the acquisition would be completed in the first half of 2018.

SGBL said that it plans to use the new acquisitions in France and Monaco as an international banking platform. SGBL will hold the acquired entities through a new fully-owned group to be called Compagnie Financière Richelieu. The entities and their divisions will be renamed Banque Richelieu France, Richelieu Gestion, and Banque Richelieu Monaco.

Georges Saghbini, Deputy General Manager of the SGBL group, said that Compagnie Financière Richelieu will continue to provide private banking and asset management services through its units and that SGBL may consider some changes in the future.

“With this acquisition project, SGBL is opening a new era of development in France and Monaco,” Saghbini added.

“Indeed, we intend to develop a long-term industrial project for the Richelieu Bank and all of its employees. It is our will and our commitment.”

The SGBL group includes subsidiaries in Cyprus, Jordan, and the United Arab Emirates. With total assets of €16.1 billion ($19 billion) at the end of 2016, SGBL is one of Lebanon’s five largest banks. It operates 90 branches with a workforce of more than 2,000 employees.

SGBL manages around €21.4 billion in assets under management, and has branches in Cyprus and Jordan. The company is owned by majority shareholder Antoun Sehnaoui. Société Générale holds a 16.78 percent stake.

The KBL epb group provides private banking services in 50 cities across Europe. The group’s assets under management were €51 billion ($60 billion) at the end of 2016.

READ ALSO

Credit Agricole’s Indosuez WM to buy Banca Leonardo

The Christmas Village opens its doors to the public on Wednesday, December 6, plunging the Principality a little more into the magic of Christmas. For this 18th edition, which runs until Sunday, January 7, 2018, on the Port of Monaco, the Christmas Village invites visitors to discover the “Workshops of Santa Claus,” the theme chosen by the Communal Council and the Town Hall’s Entertainments Service.

Young and old can discover scenes depicting the workshops of Santa Claus – a reindeer barn, gift wrapping, carpentry, books, games, confectionery, dolls, bicycles – all to be found in the heart of the Village. In addition, the fair includes the traditional Ferris wheel (at La Rascasse), the inevitable carousel, a large Christmas tree and a giant snow globe – and a real forest composed of 456 natural spruces.

The skating rink also opens on December 6, and will be open until March 11. People with reduced mobility will be able to join the fun this year through the provision of an eisgleiter (double runner), a platform equipped with skates on which a wheelchair can be installed.

Many events are planned on the ice throughout the winter, starting with an aperitif-concert on December 21 from 7 pm to 11 pm with the Outremer Group. Patin’air Troupe are putting on a free ice show “Christmas Follies on Ice” on Saturday, December 23 at 5:30 pm, and the Monaco Skating Championship will take place on Saturday, February 24, 2018. Plus, there will be the now-traditional sessions of electric radio controlled cars for model-making fans from December to March.

But the big novelty of the winter at the open skating rink is the installation of a free fall simulator providing thrills and a real feeling of freedom without the risks associated with the practice of this extreme sport. This has been a project inspired and planned by middle school students.

Visitors are asked to carry lightweight bags to simplify security checks at the entrance and note that the bridge over Boulevard Albert I is not accessible to the public.

READ ALSO: 10 days until Annual Christmas swim

A day in the life of the Prince

For six years the Principality of Monaco has been associated with the commemoration of the United Nations International Day of Disabled Persons, held each year on December 5.

The Department of Health and Social Affairs – through the Social Inclusion and Disability Division of the Directorate of Action and Social Aid – organised a Monegasque Meeting on Disability, held at the Auditorium of the Monaco Technical and Hotel School on Tuesday, in the presence of Didier Gamerdinger, Minister of Health and Social Affairs.

A presentation was made by Marie-José Schmitt, Vice-President of European Action for the Disabled, on the rights of persons with disabilities in relation to the convention.

Earlier this year, on September 19, Prince Albert took part in the opening of the General Debate of the 72nd session of the United Nations General Assembly. Before delivering His Address, the Sovereign Prince had deposited the Instrument of Ratification of the Convention on the Rights of Persons with Disabilities. The convention was made enforceable in the Principality by Sovereign Order of November 2, 2017.

READ ALSO 

Principality providing direct help to child victims

Archbishop Monsignor Barsi presided in the St Nicholas Church on Monday, December 4, for the celebration of the traditional Saint Barbara Mass, an early Christian Greek saint and martyr. The Saint is ”the patron and protector” of the Fire Brigade.

The church service took place in the presence of Colonel Luc Fringant, Commander Superior of the Public Forces representing the Sovereign Prince, and Patrice Cellario, Minister of the Interior representing the Minister of State, and numerous Monegasque and French Authorities.

A garden bears the Saint’s name in Monaco. Located in the extension of the Jardin Saint Martin, it runs along the southeast facade of the Rock. It was built around 1830 during the reign of Prince Honoré V.

READ ALSO 

Prince inaugurates Botanical Centre, greenhouses open to public

The Carabiniers of the Prince are the subject of a new commemorative €2 coin from Monaco, coinworld.com reports.

The obverse design shows a Carabinier and in the background the Palace of Monaco. At the top is the inscription, Monaco is flanked by the Mint mark and the mint master mark. At the bottom are the years 1817–2017 and underneath the inscription epicts the 12 stars of the European flag.

In total, 15,000 of the coins were released on November 13. The ringed-bimetallic coin has a copper-nickel core and copper-aluminum-nickel ring.

The common reverse shows a map of the European Union, of which Monaco is not a member. The €2 coin weighs 8.5 grams and measures 25.75 millimetres in diameter.

Editions Victor Gadoury, based in Monaco, offers Proof examples of the coin for €239 each.

READ ALSO 

Christmas Kermesse on December 2, donations welcome