Société Générale Private Banking (Monaco) SA

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September, 2014 October, 2017 September, 2014

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated 4 39 267 A-
    Year of foundation 1903
    History Société Générale Bank opened its first branch in Monaco in 1903. Afterwards, a few more branches were opened. In 1996 Société Générale Group established a limited liability subsidiary in Monaco, which specializes in asset management. Then Societe Generale Private Banking was opened in Monaco. At present, Société Générale Private Banking (Monaco) is represented by the retail branch of Societe Generale Bank and Societe Generale Private Banking. It is a subsidiary registered in March 1996 with capital amounting €7.650.000.
    Personnel Total number of staff in Monaco is 240. “Russian Desk” has 8 employees.
    Bank’s shareholders SGBT Luxembourg (99.8%) and Bank's directors (0.2%)
    Confidentiality AML legislation is strictly observed

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    1 000 000 N/A 1 000 000 3
    Minimum balance, € €1.000.000 is a minimum amount required for opening an account. However, it is recommended to maintain a minimum of €3.000.000-5.000.000
    Transactions permitted per month The Banks does not provide commercial operations serivce for the client. However, a small amount of private operations is allowed per year to meet personal requirements. To handle a great deal of private operations, the Bank assists with opening an account in the retail branch of SG in Monaco.
    Initial deposit of funds, € Initial deposit is €1.000.000
    Deadline for the initial deposit, month Initial deposit should be made within the first 3 months, otherwise the account will be deactivated.
    How fast payments are executed Payments are usually executed within 2 days from the date of valuation, however it is possible to execute a payment on the same day.

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    50 0 500 N/A N/A
    Outcoming transfer, € Outcoming transfer fee is 0.1% of the amount of transfer (but no less than €7 and no more than €250)
    Incoming transfer, € Incoming transfer is free of charge
    Account maintenance, €/year Account maintenance fee is €500 per year
    Distant access to the account Private eBanking, operates in passive mode and is accessible only for the purposes of monitoring the balance. Digipass is provided for confidentiality (pass fee is included in account maintenance fee)
    Financial products The Bank specializes in investment products of multiple types. The Bank also finances purchase of luxury property in Cote d’-Azur. The Bank assists with the purchase of megayachts.
    Credit/debit cards The Bank does not issue credit cards, however, it offers its issue through the retail branch of SG in Monaco.
    Hold mail Keeping of bank statements is €600 per year.

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    14 14 Not necessary Detailed Savings
    Visit to the bank Visit to the bank is not required, as the representatives of the bank often visit Russia (once a month). A client can meet with the representative of the bank in Russia or go to the bank at any time.
    Required Client’s passport, complete banking forms with the necessary information about the client. The Bank requires financial statements of the client’s company or Personal Income Tax Return (2-НДФЛ) as a proof of source of income.
    Types of accounts Personal; Corporate; Savings
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Rather detailed – along with the business description it is required to provide information about sources of income.
     
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