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Month: August 2023

Indosuez Wealth Management to acquire majority stake in Belgium’s Bank Degroof Petercam

by: Cassandra Tanti
04/08/2023

Indosuez Wealth Management has announced an agreement with a view to acquiring a majority stake in Bank Degroof Petercam and a long-term partnership with CLdN, one of its core shareholders.

Indosuez Wealth Management Group, a subsidiary of the Crédit Agricole group, on Friday 4th August revealed that it has signed the agreement to acquire a majority stake in Degroof Petercam, a Belgium-based wealth management institution with an international presence and client base.

The proposed acquisition is being carried out in partnership with the CLdN group, Degroof Petercam’s core shareholder, which will retain a stake of around 20%, “reflecting the desire to preserve its roots and domestic presence in Belgium, in line with the Crédit Agricole group’s partnership culture”, said CFM Indosuez in a statement.

Degroof Petercam is an independent family group whose origins go back more than 150 years. It is a diversified bank with client assets totalling 71 billion euros.

The group has positions in Belgium, Luxembourg and France in private banking, and internationally in asset management, investment banking and asset services.

According to CFM Indosuez, over the past few years, in line with its raison d’être of creating collective and responsible prosperity, the bank has strengthened its risk control and management procedures, particularly in terms of compliance, and has made major investments in its operating systems.

“We are delighted to have reached this agreement with the shareholders of Degroof Petercam, a long-standing leader in wealth management,” says Jacques Prost, Chief Executive Officer of Indosuez Wealth Management. “This proposed alliance will be an important step in our development in Europe, in line with our strategic plan, and will make Belgium our second domestic market. We look forward to working with the Degroof Petercam team.”

Indosuez Wealth Management Group says it will work closely with Degroof Petercam teams to facilitate the transaction for the benefit of clients and employees.

Completion of the agreement between CA Indosuez Wealth (Europe) and Degroof Petercam is subject to the approval from the relevant regulatory and competition authorities. The transaction is expected to be completed in 2024.

Following the acquisition of a majority stake, a Voluntary tender offer will be launched with Degroof Petercam’s minority shareholders, with the intention for CA Indosuez Wealth (Europe) to acquire the remaining capital on the same terms as those for the acquisition of the majority stake.

“The proposed alliance with Indosuez Wealth Management will provide us with a stable shareholder, backed by a leading global player,” says Hugo Lasat, CEO of Degroof Petercam. “It is also a solid strategic partner who will support the Degroof Petercam brand and who knows our activities inside out. This project will enable us to benefit from the strength of an organisation such as the Indosuez Group, while retaining our agility and entrepreneurial spirit in the interests of our clients.”

 

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Photo credit: Scott Graham, Unsplash

 

 

Les Perles de Monaco: the Principality’s only locally grown oysters

by: Stephanie Horsman
04/08/2023
les perles de monaco

Oysters growing in Monaco? A generation ago, that would have sounded preposterous, but today, with the help of two biologists, Les Perles de Monaco oysters are not only a reality, but a thriving business as well.  

In 2008, a virus ran through the juvenile oyster population of France. This was in conjunction with the arrival of a deadly bacteria that was also killing adult oysters, all but decimating the industry.  

That could have been the end to the story, except that two biologists, Frédéric Rouxeville from Saint Malo and Brice Cachia from Cannes, were working at the Monaco marine hatchery and made an incredible discovery.  

THE START 

Whilst raising sea bass and sea bream there in 2011, they noticed that the small local oysters were blocking the filters in their ponds. Aside from being a bit of a nuisance, the duo noted that the species was, in fact, thriving.  

This led Rouxeville and Cachia to the idea of raising oysters in a protected environment locally. It was an entirely new concept for Monaco and this stretch of the Mediterranean coast.  

les perles de monaco
Locally grown oysters sit alongside premium seafood at Les Perles de Monaco’s eponymous restaurant

The pair began working with oyster larvae from Brittany, developing them in a closed-circuit hatchery fed on three different types of phytoplankton. They were then sent home to Brittany to mature before being brought back to the Principality to spend two to three weeks “ripening” in water pumped up from 12 metres down, which gave them a special something like no other oysters “farmed” elsewhere.  

Refining in the Mediterranean gives them a unique taste that is described as having an essence of hazelnut with a balanced taste and texture. In terms of eco credentials, they are organic and raised with respect for nature and the environment, with the aim of quality over quantity.  

TODAY  

These days, the duo get their oysters from Normandy as well as Brittany, and refine them on site at their “farm”, using much the same techniques. Their employees are former professional aqua-culturalists who have a deep understanding of the technical and biological processes needed to maintain the high standards set in the early days.  

Les Perles de Monaco has also expanded its operation to include a fantastic restaurant at the end of the pier in Fontvieille, where seafood of all types, including lobster, sea urchin, fish, clams and gambas, is served simply and tastily at plain wooden tables. This casual setting is a nice change from many other local eateries and adds a certain rustic charm to the overall experience. They also do take away, for those who prefer to enjoy their oysters and more at home.  

For more information, hours of operation or to make a reservation, visit the website here. 

Click on the images below to see more and check out our Instagram video…

 

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Photo source: Les Perles de Monaco 

 

 

Saint Jazz Cap Ferrat to pay homage to “gypsy jazz” great Django Reinhardt

by: Stephanie Horsman
04/08/2023
saint jazz cap ferrat

The Saint Jazz Cap Ferrat festival is returning this summer for three nights of unbeatable music in an unparalleled setting. 

For over a decade now, the Saint Jazz Cap Ferrat festival on the stunning peninsular of Saint Jean Cap Ferrat has offered music lovers a truly exceptional experience that combines fantastic performances with a beautiful locale.  

This summer, the festival is paying tribute to “gypsy jazz” and the subgenre’s iconic Django Reinhardt on the 70th anniversary of his death. The Romani-Belgian jazz guitarist and composer is credited with being one of Europe’s first major jazz stars.  

Nestled under pine trees and facing the Mediterranean, the venue, the Jardin de la Paix, has also become a popular destination for international artists, who love its intimacy and special outdoor setting. This year, the programme will feature such talents as André Ceccarelli, Jacky Terrasson, Rhoda Scott, Manu Dibango, Stacey Kent, Didier Lockwood, Jean-Jacques Milteau, Thomas Enhco, Richard Galliano, Robin McKelle, Biréli Lagrène, Manu Katché, Youn Sun Nah, Eric Legnini, Erik Truffaz, Vincent Perani and Stefano Di Battista, to name but a few.  

The Saint Jazz Cap Ferrat Festival runs from 10th to 12th August, with tickets starting at €35 for adults and €30 for under 18s. Doors open at 7.30pm and food is available on site.  

For more information or to book tickets, please click here.  

 

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Photo source: Romain Gal, Unsplash

Traffic disruption on Boulevard du Larvotto set for coming weeks

by: Cassandra Tanti
04/08/2023

Geotechnical surveys are being carried out on boulevard du Larvotto over the next month for the new Larvotto Supérieur housing project, leading to traffic disruptions for motorists.

In a statement Thursday, the government said it is “taking advantage of the reduction in traffic flows during the month of August” to conduct the analytical work on the Dorsale, at 19 boulevard du Larvotto.

It is the next phase of preparatory works for the Larvotto Supérieur real estate operation, which is part of the National Plan for the housing of Monegasques, the first phase of which was initiated in November 2022.

The works will be carried out from 7th August to 8th September between 9am and 12:30pm and then 2pm and 6pm. Traffic flow will be controlled manually by workers during these hours, and traffic lights outside these hours.

The Larvotto Supérieur real estate operation will consist of a 35-apartment residential building on the plot located between 17 and 21 boulevard du Larvotto.

 

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Photo credit: M.Strīķis, CC BY-SA 3.0

 

 

Why are Menton’s beaches closing down at the end of August?

by: Stephanie Horsman
03/08/2023
menton beach

A decision from Menton City Hall to close eight of the commune’s beaches at the end of August has caused an uproar amongst beachgoers and businesses alike.  

A mandate from the Mairie de Menton has dictated that the town’s eight public and private beaches will be closed from 31st August for updates and improvements.  

The decision has left many scratching their heads and others angry that the town would choose to start works while the high season is still in full swing, risking a loss of income money for businesses that rely on the summer tourist trade to get them through the year.  

Space for improvement 

Facilities on the town’s beaches are due for a refresh. In general, those who make their livings from them, as well as those who go simply to enjoy them, agree the works are welcome.  

Renovations on the roads, lighting, green spaces, infrastructural networks and decks will certainly give the area a boost, modernising the beaches and making them more desirable, in line with the other high-profile destinations along the coast.  

Bad timing 

It’s the timing of the works, however, that is more questionable. The authorities have said everything must be removed from the beaches by the designated closing date, such as beach loungers, tables, chairs and the like. 

“We will have to close before the 31st August deadline to have time to dismantle our furniture and remove everything. These specifications are too imposing, too expensive and not viable,” said Michèle Leoni, the president of the Union of French Riviera Bathing Establishments to France 3 Côte d’Azur.  

Furthermore, Leoni estimates she will have to chip in over €700,000 to finance her part of the project.  

The other controversial aspect is that whilst the beaches will be closed to all from 31st, the works aren’t due to begin until the second half of September, with a planned start on 18th. Those two extra weeks would have allowed the businesses to finish the end of season rush, though even then, many complain that September is traditionally an excellent month for them.  

Many beachgoers are also in agreement, with one telling France 3 Côte d’Azur, “I find it hard to understand why we want to raze everything on this beach. We have to let the beach attendants and restaurateurs work!” 

Despite the outcry, it seems to be a done deal, and so far, the Mairie has made little in the way of comment on the decision, leaving everyone involved wondering how this will play out. 

  

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Photo source: Norbert Széplaki, Unsplash 

Monaco takes a firm stance against deep sea mining

by: Elsa Carpenter
03/08/2023
monaco deep sea mining

Monaco reaffirmed its strong position against deep sea mining at a meeting of the International Seabed Authority, expressing concern about the “absence of robust regulations and necessary environmental safeguards”. 

The 28th session of the International Seabed Authority (ISA), which was held from 10th to 28th July in Kingston, Jamaica, saw representatives from nations worldwide discuss draft regulations on the use of deep seabed mineral resources.  

Monaco, which is an ipso facto member of the ISA due to its adherence to the 1982 United Nations Convention on the Law of the Sea, argued that “no work plan could be approved without a clear regulatory framework based on reliable scientific data”, according to a government spokesperson.

The Principality’s delegation present at the meeting knuckled down further on this stance, adding that “it [Monaco] defended this position independently of any specific terminology or potentially ambiguous linguistic nuances”.  

The Principality was supported in its opinion by several other delegations, according to government sources, who joined Monaco in its “concern over the potential approval of a work plan for the use of these resources in the absence of robust regulations and necessary environmental safeguards”. 

A government statement released after the meeting called on the ISA to “continue its work on this very sensitive issue at future sessions”.  

Monaco was, incidentally, among the first members of the ISA to join the “Call for the Deep” coalition of states including Brazil, Canada, Chile, Costa Rica, Dominican Republic, Micronesia, Finland, France, Germany, Panama, Portugal, New Zealand, Switzerland and Vanuatu who advocate for the protection of the deep seabed.  

As per the government communiqué, “The coalition indicates that a precautionary approach should be taken to devising a way forward in deep seabed mining.” 

Meanwhile, the Fondation Prince Albert II de Monaco has released a fact sheet on the risks posed by deep sea mining. The full report can be found here. 

 

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Photo source: Fernando Jorge, Unsplash