In the latest edition of the series, we take a closer look at Monaco’s smallest neighbourhood and a place known as “Little Monaco” in the Principality’s own dialect: Les Moneghetti.
Moneghetti, or Les Moneghetti as it is sometime called, is a neighbourhood in the northcentral part of Monaco that finds itself at the mercy of the steep inclines that rise from the coast to the cliffs of La Turbie above, and encompasses the Ravine Sainte Dévote that slices through the rock.
It is a traditional neighbourhood – the smallest in the whole of Monaco, being just 11.5 hectares – and is where many native Monegasques choose to live.
GARE DE MONACO MONTE-CARLO
There will even be some locals in Monaco that do not realise Moneghetti serves as the gateway for the Principality for the many thousands who pass through the Gare de Monaco Monte-Carlo each day.
This modern station was built here in the 1990s, with the official opening date on 7th December 1999. Before this, the train ran above ground and used up precious building space, which remains a top commodity in the Principality.
The majority of trains coming through are the local TER services between Marseille and Ventimiglia in Italy, but there are a smattering of TGV trains from the Gare de Lyon in Paris as well as some from much further afield.
CENTRAL LOCATION
Given that it is home to a place servicing one of the most popular forms of transport in and out of Monaco, Moneghetti offers touristors and visitors a central location that really gives you the sense of being close to everything.
Moneghetti is nestled between Jardin Exotique, the Condamine and Monte-Carlo, as well as Beausoleil, which is in France, to the north. The district itself is fairly light on restaurants, shops and cultural destinations, but there are countless options within easy reach in other parts of Monaco.
For charm mixed with convenience, this is a great bet for a stay.
Moneghetti is found at the crossroads of three other larger neighbourhoods: La Condamine, Monte-Carlo and the Jardin Exotique. Photo by Monaco Life
SACRED HEART
The Catholic Sacred Heart or Sacré-Cœur church is the main religious site in Moneghetti as well as one of its best known landmarks. This parish church is located about 50 metres from Lamarck Square and was built in the early 20th century by Jesuit monks. The interior is magnificent with crystal chandeliers, marble pillars and gilt decorations.
Though it has been a “working” church for decades, it wasn’t formally consecrated until 2015. The reason given for this oversight was that the 1929 stock market crash followed by the Depression and World War II trumped the comparatively inconsequential need to consecrate the church. Quite the delay!
A new organ was installed in 2016, allowing for music to flow from the space, and is a real source joy to the parishioners.
The church is also headquarters to the Association des Guides et Scouts de Monaco, which have been around in one form or another since 1918, and today are a co-ed operation with Princess Caroline as Honorary President.
Check out our Instagram video of Les Moneghetti below…
Over a century ago, a group of Monegasque entrepreneurs created a bank to finance the local economy. Today, it remains the largest bank with 400 employs. But who really is CFM Indosuez, and why the sudden stepping out of the shadows?
It’s a catch-phrase that’s being echoed throughout the entire Principality: “Work Creates Wealth” coined by CFM Indosuez Wealth Management. This traditionally discreet bank, which has been well-known and respected among the local Monegasque, French and Italian communities for over a century, has embarked on a major awareness campaign to let the English-speaking community know that Monaco’s oldest and largest financial institution is also an international bank. And its values are rooted in the concept of hard work.
“Wealth can be everywhere. It can be associated with financial wealth, but also environmental, generational and cultural wealth,” explains CFM Indosuez CEO Mathieu Ferragut. “The basic story is that all of our clients have worked hard to create their wealth, or those who have inherited it have worked hard to maintain it. So, it’s our duty to work hard to help them preserve it and grow it. In the current environment, we believe the value of work needs to be brought back to the forefront.”
A bank that was created to fund Monaco’s economy
Crédit Foncier de Monaco (CFM) has a long and prestigious history in Monaco. It was, in fact, the first privately owned bank in the Principality, founded in 1922 by a group of Monegasque entrepreneurs who started the bank to finance the development of the local economy. In 1971, Indosuez, one of France’s top two investment banks, brought CFM with the objective of bringing more capital and capabilities to finance the local economy. Today, Indosuez is mainly owned by Crédit Agricole, but 30% of CFM Indosuez is floating and largely owned by its original local shareholders.
It is also one of only two institutions in Monaco – alongside the Société des Bains de Mer – to be listed on the Paris Stock Exchange.
“We call it the best of both worlds, because we have the very strong anchoring in the Principality with local shareholders and a long history, and on the other side we have a very large group that gives us the financial solidity and capabilities, which is Credit Agricole who owns 70%,” says the CEO.
Photo by Monaco Life
A wide range of offerings
With 400 employees, including a trading room with over 40 individuals, CFM Indosuez is not only the largest bank in Monaco, it is the largest Wealth Management bank in the region. With this, says Ferragut, comes the capabilities to meet clients’ needs with a team that is always available.
“We have a holistic capacity in terms of product and service offerings – access to capital markets through our trading room, private equity, wealth structuring, real estate, corporate and structured lending, investment banking… as well as traditional banking and digital services,” explains Ferragut.
Who are the clients?
Two-thirds of the bank’s client base are Monaco nationals and residents, the remainder is made-up of non-residents. It’s local market share of residents from northern Europe, Britain and Australia, for example, makes up less than 5%.
“Being the largest bank in the territory and having English speaking clients already representing around 30% of our business, we think it’s reasonable that we gain market share on this client base,” says Ferragut.
The changing nature of Monaco residents
Mathieu Ferragut was brought in early 2019 with the aim of achieving new development goals for the 101-year-old financial institution. He says the bank’s client-base has been evolving alongside the changing profile of Monaco’s residents.
“The population of residents has been shifting, is very dynamic, and extremely active,” he says. “Everybody was telling me it is a retirement place. But that’s clearly gone. In our business, that completely changes the fundamentals and operational habits.”
He adds, “We want challenging clients. We want successful clients. We want clients that are extremely demanding because this is where the institution grows the most.”
Beyond this, Ferragut says, the international needs of clients have evolved. Many have interests in multiple locations outside of the Principality, and this where the bank is able to leverage on the Indosuez network in France, Switzerland, Luxembourg, Spain, and Italy as well Crédit Agricole offices, which are “mostly everywhere” in Continental Europe.
CFM Indosuez Communications Director Magali Jacquet-Lagreze and CEO Mathieu Ferragut. Photo by Monaco Life
Understanding the English-speaking market
Mathieu Ferragut worked in the United States for 17 years, in Asia for five, and Australia for two. He is also vice president of the Association Monégasque des Activités Financières (AMAF), which represents Monaco’s banking industry.
He says that having bilingual (French/English) staff is a key priority and, working alongside Communications Director Magali Jacquet-Lagreze, they are confident they can increase the bank’s English-speaking client base.
Investment that benefits individuals and the environment
The company’s Environmental, Social, And Governance (ESG) commitment is two-pronged.
Firstly, the company has a committed Corporate Social Responsibility (CSR), which includes the ability of staff to take one day off a year to work for a non-profit, measuring the carbon footprint and working towards solutions to reduce the company’s emissions.
Secondly, CFM Indosuez is actively directing its clients towards green and blue finance.
“On the one side, we have the traditional SRI/ESG offerings through products and solutions such as funds and structured products,” he explains. “We also direct clients to blue finance, which is everything related to the ‘Sustainable Development Goal 14: Life Below Water’, developing financial solutions in order to gather capital and to direct that capital to precise actions related to the protection of the ocean.”
The public should get used to seeing the name CFM Indosuez and its “Work Creates Wealth” catchphrase. It has embarked on a long term awareness campaign, showing that Monaco’s oldest bank has not only stepped out of the shadows, it has leapt out, and it has unashamedly set its sights on the English-speaking market.
The Monaco Association of Compliance Officers will soon hold a special virtual panel discussion on counter-terrorism in line with the Principality’s fight against money laundering and the financing of weapons and terrorist activities.
The Monaco Association of Compliance Officers (AMCO) will be hosting a one-off conference featuring ex-CIA intelligence officer and counter-terrorism specialist Darrell M. Blocker on Monday 11th September.
The event, which will be delivered in English, is open to any member of a Monaco-based compliance team, whether a member of AMCO or not.
KEY SPEAKER
Blocker is now Vice Chairman for MOSAIC Security, a strategic crisis management advisory firm in the United States. He is also an ABC news contributor and an expert on North Korea and Iran.
Previously, he served for 32 years in intelligence for both the American Air Force and the CIA, acting as Deputy Director of the Counterterrorism Centre among many other roles. He also received the George H.W. Bush award for Excellence thanks to his vast on-the-ground experience and insight into the world of terrorism and terrorists.
AMCO
Founded when national and international anti-money laundering standards were first being tightened, AMCO was designed to bring together the compliance officers of Monaco’s various banking establishments. They were soon joined by the compliance officers of the management companies approved in the Principality to create a tour-de-force of professionals working toward Monaco’s agenda in terms of compliance.
Nathalie Schinzig, Head of Compliance at Landmark Trust and Committee Leader of Group TCSP/MFO of AMCO, says, “AMCO treats the fight against money laundering, terrorist financing, and the proliferation of weapons of mass destruction as an absolute priority. The Association ensures that all our members are informed as much as possible and fully engaged daily towards achieving this goal.”
The upcoming AMCO event will begin at 12.30pm on Monday 11th September.
For more information and details about how you or your company can participate, please click here.
Make sure you’re never left out of the conversation.
As the public prepares to head back to school and the office en masse, the government is encouraging everyone to remain vigilant in light of a new strain of Covid that is circulating, although it adds that there is no plan to impose restrictions on the population.
According to the latest figures, the number of Covid-19 cases being recorded in the Principality and the neighbouring Alpes-Maritimes department has risen due to the emergence of a new EG.5 variant called ‘Eris’, which is a sub-lineage of the Omicron variant.
“The Covid-19 virus is still circulating. However, to date, the situation does not require imposing restrictive measures given the minor symptoms caused by the latest strain of the virus in circulation and the absence of impact on the Princess Grace Hospital Centre,” said the government in a statement on Friday 1st September. “However, we must exercise the greatest vigilance by continuing common sense actions such as wearing a mask in the presence of symptoms and up-to-date booster vaccinations, particularly for people at risk of serious forms and people aged over 60 years.”
People who do test positive for Covid-19 and suffer persistent systems can consult their treating physician who “has full discretion to prescribe work stoppages if individual situations require,” says Health Minister Christophe Robino.
The government says that although the vaccines currently offered are effective against the virus, a new vaccine, adapted to the Eris strain in circulation, is being validated by international health authorities with the aim to be administered before the winter period.
In the Principality, vaccination appointments can be obtained by contacting the Monegasque screening center at (+377) 97.98.83.02.
From baby swimming classes to “Aqua Trampo”, the indoor-outdoor Piscine Saint-Charles is reopening on Monday 4th September with a packed programme for all ages and abilities.
Now that summer is over, the recently renovated Piscine Saint-Charles is once again opening its doors with a roster of great events for all, including the new Aqua Mermaid and Aqua Dolphin classes for children and Aqua Power +, Aqua Gym and Aqua Relax for adults, which were all launched in June to rave reviews.
NEW ACTIVITIES
The gym is now a hub for activities such as yoga, Pilates, and fitness classes, with free access to sports equipment for those who prefer their workouts to be a more solo affair. Class sizes are manageable, with limits of eight people per session, giving them a personal feel.
There is also the addition this September of 30-minute long Aqua Trampo classes, which see participants jump on a submerged trampoline in the pool. The water’s resistance works to amazing effect to tone arms, legs, bottoms and abs, as well as having lymphatic drainage benefits. As the water is only thigh deep, those taking part don’t need to know how to swim.
Of course, baby swimming as well as prenatal classes are still available.
The new-look Piscine Saint-Charles, which was reopened earlier this year. Photo credit: Mairie de Monaco
RENOVATED SPACES
The municipal Piscine Saint-Charles’s facilities can’t be beat, especially since the major year-long renovation to the site, which was completed in June of this year.
The 216m2 freshwater pool is energy-efficient as well as beautiful, and the walls and windows have been reinforced with insulation in compliance with new energy consumption regulations. Locker rooms and shower areas, as well as the revamped reception, were designed by Monegasque artist Jérome Hein, giving the location that extra something.
Though the pool reopens on 4th September, the first round of classes isn’t until the following day. For hours of operation, prices and the full schedule, please click here.
Make sure you’re never left out of the conversation.
The first stage of a project to replace outdated lighting systems in Monaco is nearing completion under The Rock, but Phase Two is about to begin on Boulevard du Ténao.
Back in July, the Principality launched a lighting replacement and renovation project to upgrade the fluorescent and high-pressure sodium bulbs that currently illuminate the country’s tunnels. They are being replaced with energy-efficient LED lighting in line with Monaco’s overall switch to more environmentally-friendly practices.
The first group of tunnels concerned run under the Rock. Here, some 1,340 new LEDs are being installed in the seven tunnels that make up the network. The work in this part of Monaco is nearly finished, although some road disruptions persist.
Workers are on the job from 9pm to 5.30am in order to limit impact on daytime traffic, but by night, the majority of the tunnels are closed. Travel between Fontvieille and the rest of the Principality is only possible via the Liaison Marquet.
The second phase of works is due to begin on 4th September. This part of the project concerns the Tunnel Saint Romanon Boulevard du Ténao. Here, state services will switch out 234 old bulbs for new over several weeks between early September and 20th October. The work will be carried out during weekdays from 8.30am to 4pm.
“In order to limit nuisance, the work will be carried out with alternating traffic, with restitution of the two-way traffic outside the working hours,” says a government spokesperson.
Make sure you’re never left out of the conversation.
