Governance: My Money Group bolsters its Board of Directors

26 octobre 2021
Communiqué - new independent directors to its Board of Directors

Governance: My Money Group bolsters its Board of Directors in view of its planned acquisition of HBCE retail banking activities in France

• Promontoria MMB Board of Directors, chaired by Chad Leat, rises to eight members with added skillset in the light of its planned acquisition of retail bank HBCE France, the goal of which is to boost the HBCE brand for CCF wealth management customers.

• Four new non-executive and independent directors renowned for their outstanding service, varied skillset and in-depth financial experience throughout their careers, appointed to the Board of Directors: Béatrice de Clermont Tonnerre, Sylvie Matherat, Françoise Mercadal-Delasalles and Avid Modjtabai.

• My Money Group pledges to adopt strict and first-class corporate governance in line with market best practices in order to assure ongoing long-term value added for all stakeholders.

My Money Group, a leading French independent banking group, today announced the appointment of four new independent directors to its Board of Directors: Béatrice de Clermont Tonnerre, Kayrros Executive Committee member, Sylvie Matherat, Mazars Senior Global Advisor to Financial Services practice, Françoise Mercadal-Delasalles, Co-chairwoman of the Conseil National du Numérique (National Digital Council), former Crédit du Nord group CEO, and Avid Modjtabai, former Senior Executive Vice President & Head of the Payments, Virtual Solutions and Innovation (PVSI) group at Wells Fargo & Co.

These director appointments to the My Money Group financial holding company, Promontoria MMB, came about following the signature of a memorandum of understanding with HSBC Continental Europe (HBCE)1 released on 18 June 2021 in view of the planned acquisition of retail bank HBCE France. My Money Group intends to rejuvenate the CCF brand - a bank acknowledged for its world-class retail banking and wealth management expertise - with a view to establishing a leading independent French bank, locally managed with a diverse set of products established for local clients.

This new organisation will take effect on 27 October 2021 and aims to help roll out My Money Group’s strategy and boost its growth in mainland and overseas France. The appointments of Béatrice de Clermont Tonnerre and Françoise Mercadal-Delasalles remain subject to approval of the French Prudential Supervisory and Resolution Authority (ACPR).

“I would like to warmly welcome Béatrice de Clermont Tonnerre, Sylvie Matherat, Françoise Mercadal-Delasalles and Avid Modjtabai to Promontoria MMB’s Board of Directors. Having them on board is a tremendous asset as My Money Group is in an exciting phase of development and they will be key to ensuring proper implementation of our growth strategy over the next few years. In particular, we really want to bring about a profitable, socially responsible and sustainable bank that is well known for its values and as a good employer, and whose business model is underpinned by technology to ensure we deliver top-class customer service. I look forward immensely to working with our new Directors and to making sure the Board gives the chance to all Board Directors, in view of their in-depth financial services experience, wide regulatory-related, innovation, digital and independent banking expertise, to freely express their opinions in the long-term interests of My Money Group and all its stakeholders” said Chad Leat, Promontoria MMB Board of Directors Chairman.

Corporate governance matching market best practices

My Money Group strives to establish a demanding, balanced and committed Board of Directors that abides by the strictest ethical standards to ensure the Group thrives over the long term. Indeed, the Directors’ backgrounds are testament to their broad and complementary skillset.

The Promontoria MMB Board of Directors is tasked with setting the strategy of My Money Group, parent company of My Money Bank, Somafi-Soguafi, Banque des Caraïbes and Sorefi, while ensuring oversight and proper rollout of Group management’s strategy in the long-term interests of all Group stakeholders.
Following these latest appointments, the Board will comprise eight (up from six) directors, who come from four different countries and 75% of whom are women, and most are independent.

• Chad Leat, Board of Directors Chairman and non-executive director
• Béatrice de Clermont-Tonnerre, non-executive director
• Isabel Goiri, non-executive director
• Charlotte Insinger, director representing Cerberus
• Sylvie Matherat, non-executive director
• Françoise Mercadal-Delasalles, non-executive director
• Avid Modjtabai, non-executive director
• Leland Wilson, non-executive director

Appendices - Biographies

• 49-year-old Béatrice de Clermont Tonnerre, Kayrros Executive Committee member

Graduating from the Institut d’Études Politiques de Paris (1993) and ESSEC (1996), Béatrice de Clermont Tonnerre began her career with Lagardère as Matra Marconi Space analyst followed by working for the group M&A and strategy department. In this role, she participated in consolidating the European high-tech and defence industry and later with Lagardère, media acquisitions. In 2001, she joined Canal + Group as CanalSatellite Interactive TV director, then in 2003, became Co-Head of Programming. In 2005, she returned to Lagardère, where she was briefly senior Director Business Development and Co-Head Investor Relations followed by group Executive VP Business Development from 2008. In 2013, she moved to Google as Monetisatior Southern Europe Director and from 2018, AI partnerships Director.
Today, Béatrice is an investor, member of the Executive Committee and senior advisor at Kayrros, a startup involved in the ‘French Tech - Green 20’ programme. Kayrros is a geospatial data analytics platform for energy suppliers. She is a Chevalier de l’Ordre National du Mérite and sits on the Boards of Directors of Spanish media group PRISA, Luxembourg-based SES - Société Européenne de Satellites, and France-based Klépierre.

• 59-Year-old Sylvie Matherat, Senior Global Advisor at Mazars

Sylvie holds a Masters in law and graduated from the Institut d’Études Politiques de Paris in 1983. She comes with over thirty years public and private sector financial services experience. She began her career with the general inspection department of French bank Société Générale before moving in 1987 to the Banking Commission (renamed ACPR, Prudential Supervisory and Resolution Authority) In 1993, she joined Paribas Capital Markets overseeing European structured finance department. She returned to ACPR in 1995, where she held various senior management roles. In 2007, she moved to the Banque de France as Financial Stability director before being promoted to Deputy Director General-Operations. In this role, she represented France at the 2006-2014 Basel Committee and other G20 committees and helped rewrite French banking regulations following the 2007-2008 financial crisis. In 2014, she joined Deutsche Bank as Global Head of Government & Regulatory Affairs and Executive Committee member. She was promoted to the group Management Board serving as Chief Regulatory Officer until 2019. During this period, she also sat on the DB USA and asset management subsidiary DWS Supervisory Boards.
In 2016, she was elected Vice Chairwoman Global Financials Market Association (GFMA), which represents the interests of banks trading on world financial markets and was made GFMA Chairwoman in 2018. In 2019 and 2020, Sylvie participated in work of the High-Level Forum (HLF) relating to European Commission financial markets. Since the beginning of 2021, she has been Senior Global Advisor at Mazars for developing financial advisory services. Sylvie is a Chevalier de la Légion d’honneur and holds the Ordre national du Mérite.

58-year-old Françoise Mercadal-Delasalles, Co-chairwoman of the Conseil National du Numérique and former Crédit du Nord group CEO

Holder of a 1983 Arts and Law degree and having graduated in 1986 from the Institut d’Études Politiques de Paris and ENA in 1988 (Montaigne promotion), Françoise comes with a wealth of financial experience both as a senior civil servant and in business, and in-depth expertise in digital. Having begun her career as a civil servant with the French Finance Ministry, followed by French banks Banque Nationale de Paris and Caisse des dépôts, she joined Société Générale in 2008 as Operational Efficiency and Innovation director and in this role, sat on the group Executive Committee. As director of operations, she oversaw IT, real estate and procurement. As innovation strategy manager she also had responsibility for the group-wide digital transition programme. In 2017, she joined Crédit du Nord, a Société Générale subsidiary, where she was deputy CEO for a year before being promoted to CEO. Françoise is particularly concerned by social issues arising from the digital transition and, after six years in office, she was made co-chairwoman of the Conseil National du Numérique (digital national council).
Holding a Chevalier de la Légion d’Honneur and as Mérite Agricole Officer, Françoise is also a non-executive director of Inria (French institute of scientific and digital technologies research), Eurazeo and sits on its Financial and Nomination, Remuneration and Governance committees.

• 59-year-old Avid Modjtabai, former Wells Fargo & Co Senior EVP Payments, Virtual Solutions and Innovation

Avid holds a Stanford University Bachelors degree in industrial engineering (1983) and an MBA in Finance from Columbia University (1988). Throughout her career she has been awarded various accolades by trade publications like American Banker, San Francisco Business Times and Bank Technology News, for her vast financial expertise, her innovative flair and influence. After serving as consultant for strategy consultants McKinsey & Company, where she specialised in financial services firms and banks, she joined Wells Fargo & Co, a leading US bank. She stayed with Wells Fargo & Co for 27 years serving in various senior management roles including Head of Consumer Lending, Chief Information Officer, Head of the Technology and Operations Group, as well as Director of Human Resources, before being promoted to Senior EVP Payments & Head of the Virtual Solutions and Innovation Group.
In 2014, Avid joined the Board of Directors of Avnet, a US electronic components distributor, then in 2020, that of Prologis, the leading owner, operator and developer of French logistics real estate.

Press Contacts

My Money Group - Havas Paris
Sarah Duparc - sarah.duparc@havas.com - +33(0)6.46.72.39.99
Naomi Philippe - naomi.philippe@havas.com - +33(0)6.72.55.80.35