Published on October 08, 2019Updated on June 19, 2023
Over the years, Banque J. Safra Sarasin (Monaco) SA has become one of the most significant private banks in the Principality. Interview with its CEO, Mr. Pierfilippo Castellano.
What is the background to the link between the Bank J. Safra Sarasin and Monaco?
Pierfilippo Castellano: Bank J. Safra Sarasin was established in Monaco in 2006. Then in 2017, the J. Safra Sarasin Group successfully concluded the acquisition of Crédit Suisse (Monaco). These two key events demonstrate the Safra family’s attachment to
the Principality and the importance we give to Monaco’s financial marketplace.
In view of this, what are your thoughts on Monaco’s financial marketplace?
P.C: First and foremost, Monaco is an exceptional place to live for its residents, who can enjoy an excellent business climate. The Monegasque financial marketplace has the advantage of being able to respond to the demands of international finance and the regulations of the financial markets.
How does Bank J. Safra Sarasin position itself?
P.C: First of all, it’s a family bank boasting more than 175 years of tradition. Among the qualities which ensure its longevity and performance are its stability, exceptional inancial strength, careful risk management and the close personal relationships we develop with each of our clients. In short, we pinpoint the best choice of investments and provide tailored solutions.
How big are the J. Safra Group and the J. Safra Sarasin Group?
P.C: As an international group driven by a sustainable vision, the J. Safra Group is involved in sectors of activity such as property and the agroindustry sector and employs more than 33,000 people. The banking division, comprising banks which are all private banking establishments, is spread across more than 160 locations in Europe, Asia, the Middle East, the USA and Latin America. Its managed funds add up to USD 260 billion and total equity is more than USD 20 billion.
As for the J. Safra Sarasin Group, it is present, via its banks, in more than 25 locations in Europe, Asia, the Middle East and Latin America. As a global player in private banking and asset management, on 30th June 2019 it represented more than CHF 175 billion in managed assets, CHF 5.3 billion in equity and some 2,100 employees.
What are your views on current world issues?
P.C: With the current geopolitical climate and volatile economic environment in many parts of the world we need to be able to count on the solidity of a banking group capable of sailing in stormy waters and ofering a safe harbour for all its clients.
How has the bank settled in Monaco?
P.C: Bank J. Safra Sarasin is a committed and highly reputed employer with growing local partnerships, including partnerships with Monte-Carlo Société des Bains de Mer. We recently sponsored a prestigious event dedicated to elegance and cars. Furthermore, having been pioneers in sustainable inance for more than 30 years, we are fully in line with approach of the Sovereign Prince, who is very concerned by the issues we see around us. Finally, I have been a resident of Monaco myself since 1977 and had the honour
of receiving a knighthood, as Chevalier de l’Ordre de St Charles, from HSH Prince Albert II last November.