Banque Havilland Monaco enters new sale negotiations after Andbank withdraws offer

23/09/2024

Banque Havilland (Monaco) has entered into exclusive negotiations with a new consortium of high-profile investors, including former Formula 1 team owner Eddie Jordan. following the decision by Andbank Monaco not to proceed with its previously announced acquisition offer.

According to a statement by Banque Havilland Monaco, the new investment group is headed by Martin Gilbert, Chairman of Revolut Bank, and corporate financier Ivan Murphy, a long-term Monaco resident. The consortium also includes notable figures such as former Formula 1 team owner Eddie Jordan, Dutch industrialist Bart Duijndam, and Christopher Murray, a shareholder in Monument Bank. The investor group aims to reinforce the bank’s balance sheet and expand its private banking operations in Monaco.

This consortium, made up of both international and Monaco-based entrepreneurs, has expressed its commitment to securing the bank’s future. “We are delighted to have the opportunity to acquire Banque Havilland (Monaco) SAM and to restore the trust of its loyal clients and staff,” said Ivan Murphy, Executive Director. “We are excited to work with the existing team to close this transaction and move forward to build a strong traditional independent private bank in Monaco.”

The development comes after Andbank Monaco submitted a non-binding offer for the purchase of Banque Havilland Monaco. In a press statement on Monday, Andbank Monaco said that it had pulled out of the deal: “On August 21^st, Andbank Monaco SAM announced the submission of a non-binding purchase offer for Banque Havilland (Monaco) SAM, subject to the completion of audit work and due diligence. Following this analysis period, Andbank Monaco SAM decided not to proceed with the transaction and will not submit a purchase offer for Banque Havilland (Monaco) SAM.”

The deal between Banque Havilland (Monaco) and the new consortium of investors is expected to be completed by the end of the year, subject to regulatory approval.

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Photo by Monaco Life

A milestone event: Monaco Economic Board hosts 50th Members’ Rendezvous

by: Stephanie Horsman

23/09/2024

The Monaco Economic Board celebrated a major milestone by hosting its 50th Members’ Rendezvous at the prestigious Yacht Club de Monaco last week. This landmark event, which has become a fixture in the Principality’s business calendar since its inception in 2009, united more than 400 prominent business leaders and key figures for discussions on Monaco’s economic future.

On 18th September, the Monaco Economic Board’s (MEB) Members’ Rendezvous brought together a diverse group of professionals, reaffirming the event’s essential role in fostering connections within the Principality’s business community.

The event began with an exclusive B2B session for a select group of member companies. This session featured structured one-on-one meetings, allowing 81 companies to conduct over 100 pre-arranged meetings designed to engage direct and meaningful business dialogue. This was followed by a welcome cocktail reception for all participants.

MAIN EVENT

Following the B2B meetings, MEB Executive General Manager Guillaume Rose welcomed attendees before President Michel Dotta took the stage to pay tribute to the event’s founders and long-time contributors.

Dotta expressed his gratitude to Franck Biancheri. Through his role as President of the Chamber of Economic Development in 2009, Biancheri played a pivotal role in creating the Members’ Rendezvous. His vision, according to Dotta, helped establish the event as part of the MEB’s “DNA”. Dotta also acknowledged the dedication of the staff members who have been instrumental in ensuring the continued success of the gathering since its inception.

Among the distinguished guests was Pierre-André Chiappori, Monaco’s Minister for Finance and the Economy. A regular attendee of the event, Chiappori took to the stage to discuss Monaco’s economic outlook in the context of recent international recommendations, such as those from the Financial Action Task Force (FATF) and Moneyval.

Chiappori struck an optimistic tone, saying, “We know what reforms need to be made, and we have the luxury of being in a good macroeconomic situation to implement them. The wealth of an economy is its ability to create value, and that value is created by you, the entrepreneurs.”

NEW TOOLS

The event also served as an opportunity to introduce the new Association Monégasque de Normalisation (AMNOR), which was presented by its president, Jean-Franck Bussotti. AMNOR will act as Monaco’s representative within the International Organisation for Standardization (ISO), ensuring that Monaco’s voice is heard in decisions concerning international standards. This development will allow Monegasque companies to exert influence on ISO standards, ensuring they remain competitive on the global stage.

The event provided Louis Ducruet, the nephew of Prince Albert II, with a platform to announce the integration of B2B networking sessions into the structure of the Fights Aids Cup. Photo credit: Basile Landry / MEB

Louis Ducruet, the nephew of Prince Albert II, also took the floor to announce details of the upcoming Fight Aids Cup, an annual charity football match in aid of the Fight Aids Monaco association. For the first time, the 2024 edition will include a B2B networking component aimed at entrepreneurs and sponsors, promising further opportunities for business engagement.

As the formal presentations concluded, attendees were free to continue networking, with many using the assistance of the MEB team to make key introductions.

Photo credit: Basile Landry / MEB

France extends lane splitting trial for motorbikes and three-wheelers

by: Stephanie Horsman

23/09/2024

The French government has decided to extend its trial of lane splitting, also known as filtering or inter-lane traffic, until the end of December. The practice allows motorbike riders and drivers of three-wheeled vehicles to bypass traffic jams, but only on certain roads and in certain parts of the country.

The initial trial expired back in August. Since then, the government has announced a series of extensions via decree, the latest of which allows the practice to legally continue on motorways and dual carriageways with at least two lanes per side in 21 departments until 31st December 2024. This collection of French departments includes the Alpes-Maritimes and the Var.

Lane splitting is a common sight in France – and not just on motorways and multilane highways – but it is not officially integrated into the nation’s Code de la Route.

The French government has been trialling legal lane splitting on and off since 2016, with the goal of evaluating the safety and use of the practice.

Under the rules of the new trial, motorbike riders and three-wheeler drivers are allowed to bypass heavy traffic on motorways and dual carriageways with two lanes where the speed limit is 70 km/h or higher by entering the zone between other vehicles.

Inter-lane users must not exceed speeds of 50 km/h, with a maximum speed differential of 30 km/h compared to surrounding vehicles.

Furthermore, lane splitting is forbidden if there are construction works nearby, and riders are not allowed to force their way through traffic, overtake other inter-lane vehicles or continue riding between lanes once a normal traffic flow resumes.

The fine for non-compliance is a rather stiff €135 and a three-point ding on driving licences.

For more information, click here.

Read related:

Record road deaths force Monaco Police to get tough on drink driving, but how?

Photo source: Vinci Autoroutes, Facebook

F1: Poor qualifying hinders Leclerc’s chances of a podium in Singapore

by: Elsa Carpenter

23/09/2024

It might not have been the podium finish that he had hoped for, but Charles Leclerc showed no sign of bitterness as he ended his race on the Marina Bay Street Circuit in P5, saying, “Today was a good race… We maximised our potential today and our execution was really good.”

Monegasque Scuderia Ferrari driver Charles Leclerc made the best of the cards he had been dealt at the Singapore Grand Prix over the weekend.

Both he and his teammate, Carlos Sainz, experienced a disappointing Q3 phase: the Spaniard crashed into the barrier on his out lap, while Leclerc was sanctioned for exceeding track limits. This meant that neither Ferrari recorded a valid time and the drivers were therefore forced to settle for P9 and P10.

Team Principal Frédéric Vasseur admitted it had been “a tough Saturday, maybe the most frustrating of the season so far”.

Ahead of the race, Leclerc said of his qualifying result, “It’s a shame because this puts us on the back foot for the race, so we have to keep our expectations realistic.”

From P9 to P5

Nevertheless, the 26-year-old Monegasque appeared motivated and determined as he entered his car on Sunday 22nd September, and he fought valiantly to improve his position once the lights went out on the Marina Bay Street Circuit.

It wasn’t until Lap 36 that Leclerc pitted for fresh tyres, long after many of the other drivers on the track. He had benefitted well from Ferrari’s chosen strategy until that point; he was in P4 as he headed into the pits, behind the two McLarens, race leader Lando Norris and Oscar Piastri, and Red Bull’s Max Verstappen.

The Monegasque found himself caught in traffic once he returned to the track and dogged Aston Martin’s Fernando Alonso until he could overtake on Lap 41.

Two laps later, a call went out from the Ferrari garage asking Sainz to swap positions with his teammate, allowing Leclerc to move up to P6 and begin his chase of Mercedes’ Lewis Hamilton.

With just 10 laps to go, Leclerc moved past his future teammate at Ferrari to secure P5. He continued on in pursuit of Mercedes’ George Russell and came very close, but it wasn’t to be.

“We maximised our potential today and our race execution was really good,” he said post-race. “The first stint was a bit frustrating and long for me; it required a lot of patience, staying steady behind slower cars ahead. On the second stint, things looked better and we had a really good pace in clean air… Towards the end of the race, when it was time to overtake George, my rear tyres were not in the best shape and we didn’t manage to gain that position, but we did a good job anyway. Overall, it isn’t the most satisfying weekend for us, but as a team, we can be proud of turning things around and bringing home this P5 today.”

With Sainz finishing in P7, the duo added 18 points to Ferrari’s tally in the Constructors’ Standings. Leclerc maintains his third place in the Drivers’ Standings, behind Norris in second and Verstappen in first.

The grid now has almost a month’s break. Racing will resume on 20th October in Austin for the United States Grand Prix.

Read related:

Monaco Grand Prix dates confirmed for 2025

Photo credit: Scuderia Ferrari Media Centre

Flash floods: Cannes bears the brunt of unexpected storm

by: Elsa Carpenter

23/09/2024

An unexpectedly heavy storm swept through the Riviera on the morning of Monday 23rd September, washing away cars and leaving streets submerged in floodwaters. Cannes experienced the worst of the rainfall, leading the city’s mayor to lament the lack of warning from forecasters.

As morning broke on the Côte d’Azur on Monday 23rd September, so did the rainclouds. Heavy rain and thunderstorms lashed much of the region, but the city of Cannes was by far the most affected.

Large parts of the city centre République neighbourhood were flooded, the streets and shops submerged in muddy floodwaters, and in videos shared widely on social media, vehicles and bins could be seen floating along roads that had been turned into rivers.

City authorities reacted quickly, closing off Cannes’ lowest-lying zones and activating a system of pumps to help alleviate the rising waters, but the city’s longtime mayor, David Lisnard, has admitted that some areas are still impassable.

“There was no prior warning, neither from the Prefecture nor from weather agencies,” he shared on social media. “The weather models… Météo France, Predict, Arome… had not anticipated this phenomenon. I am waiting for explanations from the organisations and services responsible for weather forecasting, and lessons will need to be learned from this situation with the State services.”

A crisis centre has been opened for the people of Cannes. Those in need of support can contact 0489822416 or 0489822417. People wishing to volunteer can get in touch with the centre via 0497064165 or 0497064632.

Meanwhile, those with questions relating to insurance coverage are encouraged to contact 0497064193.

Photo source: David Lisnard, Facebook

Innovators in architecture and engineering chart the future of sustainable marina design at Monaco event

by: Niki Borisova

23/09/2024

The Smart & Sustainable Marina panel session on the role of architecture in marina development saw experts and industry figures from the worlds of architecture and engineering come together to discuss the innovations that are guiding the look and purpose of marinas of the future. Monaco Life‘s Niki Borisova headed down to the Yacht Club de Monaco, which hosted the event, to hear how eco-friendly principles and solutions are shaping sustainable marina design.

In the run-up to the Monaco Yacht Show, which will be held between 25th and 28th September in Port Hercule, the Yacht Club de Monaco played host to Monaco Marina Management’s Smart & Sustainable Marina event on 22nd and 23rd September.

The event programme featured a range of networking sessions, workshops, panel discussions and talks for those in affiliated industries, with one particular highlight being the roundtable talk on the role of architecture in sustainable marina development, held on the second day and attended by Monaco Life.

Oscar Siches, a respected marina consultant and designer, moderated the panel discussion, which covered topics such as why sustainable marinas are essential, the challenges of building them and the future of this industry.

Climate change and environmental impacts were at the heart of the talks, and participants acknowledged the rise in demand for eco-friendly yachting infrastructure around the world.

“When we focus on natural biodiversity when designing something, we inherently address climate action. This is a pivotal cultural shift that needs to occur,” said Janna Bystrykh, Head of the Master in Architecture Programme at the Academy of Architecture, on the topic of understanding the environment in which a marina is built. “Space is often a constraint in marina development, as we must consider not only the physical footprint of the marina itself, but also the surrounding ecosystems and community needs.”

A holistic vision

Creating a successful sustainable marina, whether building a new site or adapting a pre-existing marina to sustainable ideals, requires designers and engineers to find the correct balance between environmental concerns and practical, economic and social needs.

“It is a complex process,” said Effie Nakajima, Senior Associate at the innovative Zaha Hadid Architects, “but this industry has a shared goal: to establish a protected vision. With this common goal, we can achieve sustainable development more effectively.”

According to Nakajima, an essential factor in overcoming these challenges is to “never design in isolation”. This means that the vision needs to be holistic, involving not only the client, but also the greater community, including local organisations and businesses. It needs to be a cohesive collaboration, she said.

References in the world of yachting and marina development that were highlighted by the panel included Porto Carlo Riva in Italy, Porto Habacoa in the Dominican Republic, Puerto Sherry in Spain, Secret Harbour Marina in St. Thomas, Setup Marinas KAS in Turkey and Willoughby Marina in the United States.

Looking beyond the yachting industry, the experts also spoke of the increased interest in sustainable development in cities around the world. Bystrykh mentioned Paris as an example, where hundreds of buildings have been refurbished using bio-based materials. In recent years, the city has sought to position itself as a leading example in sustainable architectural practices, even winning the Global Award for Sustainable Architecture in 2022.

Nevertheless, as Nakajima stressed, this change in sustainable architecture is not coming in fast enough as the rate of climate change increases.

Henry Glogau, an architect and innovation expert, closed the panel with his thoughts for the future, saying, “My dream is that designing marinas will be less driven by money and more by protecting the environment.”

Photo by Monaco Life

Day: 23 September 2024

Banque Havilland Monaco enters new sale negotiations after Andbank withdraws offer