Annual Report

Mathieu Ferragut and Jean-Christophe Maillot

Mathieu Ferragut, CEO CFM Indosuez Wealth, with Jean-Christophe Maillot, choreographer-director of Les Ballets de Monte-Carlo, celebrating 20 years of partnership.

Photo: Alice Blangero 

A year ago Mathieu Ferragut stepped in as CEO at the only Monaco-based bank with local shareholders.

Founded in 1922, CFM Indosuez has become the only Monaco-based bank with local shareholders. While Credit Agricoleowns 70% through its subsidiary Indosuez Wealth Management, prominent Monegasque families own the other 30% of what Global Finance magazine named, for the second consecutive year, 2019 Best Bank in Monaco.

The job of CEO of one of the world’s Top Ten banking groups with local shareholders presents a double challenge. Mathieu Ferragut, who took over the position in December 2018, says, “I have to ensure that the bank’s universality is preserved in order to continue serving in the best and most efficient way all Monaco citizens and residents, while con- tinuing to grow and develop it in order to strengthen its leadership and its financial performance.”

After graduating with a post-grad- uate degree in Financial Analysis and Capital Markets Finance in the mid-Nineties, Ferragut spent the next 23 years essentially within European banking groups while living over- seas, in Australia, Singapore and the U.S. His last position was as Head of Americas for CA Indosuez based in Miami overseeing Wealth Manage- ment. Feeling it was time to move back to Europe, he had the chance to take over at CFM Indosuez.

“It was an opportunity to bring my international background and experience to a solidly an- chored leading local bank.”

Ferragut, 48, expresses that serving Monaco is “unique” not only due to the proximity between the client and the bank, but also because of “the cultural diversity of the clients, their sophistication and their level of exigency. Local financial institutions are under constant pressure to deliver services of the highest standards.”

In 2016, CFM Indosuez Wealth Management acquired HSBC’s client base in the Principality. At the time, HSBC claimed Monaco was no longer as appealing for global banks to do business. Three years on, Ferragut disagrees. “Monaco’s banking sector is dynamic and resilient with a large number of European and international banks and advisory firms active in most areas of the financial services industry. The sector is a significant contributor to the country’s GDP and it is a strong provider of employment.

“Nonetheless, in recent years, increased competition and soaring regulatory costs have forced the sector to engage in consolidation. Our acquisition of HSBC client base was in line with this movement.”

As a banking center, Ferragut believes Monaco “should continue working on promoting its image locally and internationally; an image that is sometimes not always representative of its true offer-
ing, expertise and capabilities.”

CFM Indosuez “created the first Monegasque impact fund in 2002” and, addition to pledging to the National Energy Transition Pact, recently signed a major and long-term partnership with the Oceanographic Institute. “Our raison d’être is to act in the everyday interest of our clients and society.

“We embody the fact that we share the same values to protect our environment,” asserts Ferragut.