To mark International Women's Rights Day, we have posted three interviews on Vernimmen's LinkedIn pages with women who have achieved professional success in finance, to inspire our young readers and others.

 

Marie Arnaud-Battandier,

Managing Director

Ardian Expansion

 

 

1.           As a woman who has succeeded in the field of finance, could you tell us a little about your background and the job you do? How did this vocation come about?

I have a dual background, having graduated from the University of Paris-Dauphine and the ESSEC Master's in Finance. I entered the world of finance somewhat by chance, guided by opportunities and encounters. I started my career in mergers and acquisitions, where I worked for four years. I then felt the need to immerse myself in the business world and joined the finance department of a listed biotech company.

 

Those early years gave me invaluable experience, both in mergers and acquisitions and in financial management. However, after five years, I took the time to reflect on my career path, as none of these positions fully met my aspirations. This led me to meet and talk to a number of professionals, which in turn led me to discover the private equity profession in 2001, at a time when the field was still relatively unknown.

Private equity resonated with me immediately, because it brought together all the aspects I was looking for:

- Direct contact with entrepreneurs, a world that has always fascinated me, as I myself had a grandfather who was a CEO of a company whom I deeply admired.

- Incredible diversity, with investments in companies in a wide range of sectors, each with its own culture and strategy.

- A wealth of professional skills: financial analysis, understanding corporate culture and the people who run it, studying markets and how they evolve, drawing up business plans, valuing companies, legal negotiations, financing deals and post-investment monitoring.

 

On average, we work with companies for four to six years, sitting on their supervisory boards and trying to add value. Today, thanks to our operating partners, we can help them in crucial areas such as CSR, digital and human resources. Fundraising is also an essential part of our business, requiring interaction with a varied client base, both in France and internationally, and the ability to convince them to invest in our funds.

 

This exceptionally rich and diverse profession requires a balance between soft and hard skills, and is a daily learning experience. It was this complexity and dynamism that attracted me.

 

I was lucky enough to join my first fund, Acto, linked to Groupama Private Equity, thanks to a decisive meeting with its manager, an open-minded and visionary person who already saw diversity as a major asset. I stayed on for six years, playing an active part in all the fund's investments. Then I was approached by Axa Private Equity. At the time, I was pregnant with my first child, but I decided to join Axa Private Equity, attracted by its international dimension, its entrepreneurial culture and the opportunity to work with larger companies.

 

I have now been with the group for seventeen years, since it became Ardian over ten years ago. My career at Ardian has been marked by rewarding experiences and constant development, confirming my career choice every day.

 

2.           Did you encounter any difficulties in your choice of career path or, on the contrary, did you receive support? Later on, did you encounter gender-related difficulties in your professional development?

I have indeed encountered difficulties in my career development, but I have also benefited from invaluable support. In one of my first experiences, I was confronted with a blatant pay inequality. The situation was clear: either my salary would be adjusted or I would leave the company. This determination enabled me to overcome this obstacle.

 

I was lucky enough to have three children, but each pregnancy was a period of stress, marked by temporary absence from the company. Fortunately, I've been able to count on constructive and intelligent colleagues who have supported me through these delicate times. However, like many people, I was confronted with derogatory remarks.

One thought in particular had a profound effect on me and has always stayed with me: ‘You'll never be a good professional and a good mother at the same time’. This phrase is offensive, but I chose to turn it into a source of motivation, demonstrating by my actions that I didn't agree at all with this view of things.

 

Today, the new generation would no longer allow themselves to make such comments. Things have changed a lot, and for the better. So much the better!

 

3.           Is it difficult to juggle life as a woman, a family and a finance professional? How do you organise yourself? How do you manage it all?

Balancing life as a woman, family life and professional life in the demanding field of finance is a real balancing act. It requires flawless organisation, rigorous discipline and the support of those around you. It is essential to be able to count on a husband who is prepared to share domestic and family tasks equally, as well as autonomous and responsible children.

 

For my part, I've always tried to maintain a harmonious balance between these different spheres of my life. I've made sure that I stay involved in my children's school life, by being a correspondent mum in their respective schools. This involvement enables me to maintain a close link with their educational environment and ensure their well-being.

 

Weekends are also devoted to my children, whether to help them with their homework or to accompany them in their sporting activities, which they all take part in at a competitive level. This meticulous organisation, similar to that of a small business, leaves little room for personal time, but it is essential for maintaining a family balance.

 

Communication plays a key role in this dynamic. We have established family rituals, such as shared meals, to strengthen our bonds. Every summer, we backpack for three weeks of family adventure to discover a new country. These trips give us the opportunity to immerse ourselves in different cultures and economic perspectives, while spending quality time together.

 

My husband, an entrepreneur, has sometimes adjusted his working pace to accommodate the needs of our family. There's no denying that reconciling two demanding professional careers is complex. The balance within a couple changes over time, with each of us taking on more family responsibilities at different times. It's crucial to make informed choices and to know what you really want.

 

In short, juggling life as a woman, family life and professional life in finance is a constant challenge, but with rigorous organisation, open communication and mutual support, it is possible to strike a satisfactory balance.

 

4.           In your opinion, what qualities are needed to do your job? What has been your greatest asset in your success? What do you consider to be your greatest success?

To do my job, I firmly believe that certain qualities are essential. Tenacity is undoubtedly one of them. My colleagues often describe me as someone who never gives up. This perseverance, combined with determination and curiosity, forms the basis of my professional approach. I have a rather entrepreneurial profile, even in the world of private equity. I'm constantly trying to understand how the world is changing and to anticipate tomorrow's trends. Being ahead of the curve, having innovative ideas and never giving up - that's what characterises me.

 

My main asset in my success has been this tenacity. This ability to persevere, to never give up, has enabled me to overcome many challenges and achieve my goals. Curiosity, too, has always driven me to explore new avenues, to innovate and to stay at the forefront of developments in our sector.

 

As for my greatest success, it was undoubtedly my first completely independent investment. It was a company specialising in prostheses and orthoses for people with disabilities, a magnificent regional French business that we transformed into one of Europe's leaders. Today, the company has a presence in the United States and continues to prosper. Working in the field of disability, a sector deeply rooted in the values of Corporate Social Responsibility (CSR), alongside a team of managers with great values, has been a particularly rewarding experience.

 

For me, this success is remarkable in both form and content. Working with this group has been a real success, not only for our fund, but also from a human and ethical point of view. It's a deal of which I'm particularly proud, because it perfectly embodies the values and ambitions that I wish to bring to my profession.

 

5.           Today, women account for 12.5% of the CFO workforce in France (based on a Vernimmen study to the end of 2022 on the gender of CFOs in the top 120 listed companies). What do you think accounts for this figure? How can we increase it?

A clear trend can be observed right from high school: more girls than boys study literature than science. This disparity has its roots very early on, in primary and junior high school. It's crucial to instill in girls the belief that they have the same mathematical skills as their male peers, and to give them a taste for the sciences. In my view, this must start at an early age.

 

After that, many women are actively involved in inspiring the younger generation. Personally, I'm involved in a number of high schools, including my son's school. These interventions in universities and schools are extremely positive. When women talk about their careers, they show that anything is possible.

 

When entering the corporate world or choosing a career in finance, it is essential that women have mentors to guide them. In France, particularly in the private equity sector, the Level 20 initiative offers a mentoring system. Women can be accompanied by mentors, both men and women, who help them to understand the codes of the profession and to evolve. Although I didn't have this opportunity, as these initiatives came after I'd entered the sector, I can see the benefits for the young women around me.

 

Companies are increasingly aware of the importance of diversity and are putting in place measures to encourage inclusion. For example, they are making it easier for women to return from maternity leave, introducing paternity leave, helping to find crèches and offering support. At Ardian, we are very committed and we also have an Ardian Women network, of which I am a member. These initiatives are essential to changing mentalities, a process that will take time. In my team, more than a third of the members are women, and I hope they will stay for the long term.

 

I also try to promote women in the top management of the companies I work with. In SMEs, the presence of women is limited. Recently, one of them was promoted to CEO France in one of my companies.

 

6.           Who are the female role models (or success stories) who have inspired you along the way?

Dominique Senequier is an exceptional woman (Ardian’s founder and CEO), an emblematic and influential figure in the world of private equity. Her career illustrates that anything is possible when you combine determination, vision and excellence. From the outset of her career, she stood out in an environment where female role models were rare, if not non-existent.

 

Under her leadership, Ardian not only prospered, but also distinguished itself through its commitment to innovation and social responsibility. Dominique Senequier has always advocated an ethical approach to investment, emphasising the importance of creating value not only for investors, but also for companies and employees. Her enlightened leadership and commitment make her an inspiration to all those who aspire to excel in the world of finance.

 

Among the other women who have had a profound impact on me, Simone Veil occupies a special place. A true icon of courage and resilience, Simone Veil has always been a fervent defender of strong convictions and has fought tirelessly for justice and the values she holds dear. Her career, though strewn with trials, is a poignant testament to her ability to bounce back and transform adversity into a driving force for change.

 

7.           What advice can you give us to encourage women of generations Z and K to enter the world of finance?

To encourage women of generations Z and K to go into finance, I would offer a few tips based on experience. First of all, it's essential to cultivate a strong taste for maths and science from a very young age, free from stereotypes. With my own daughter, I try to pass on this passion by explaining the principles of physics and playing strategy and board games. These activities stimulate not only the analytical mind, but also strategic thinking.

 

Self-confidence is also a fundamental pillar. In my experiences as an examiner preparing for the Parcoursup orals at my son's lycée, I noticed a marked difference between girls and boys in terms of confidence and ease of communication. It's crucial to build this confidence in young girls, to show them that they are just as capable as their male counterparts. My daughter, who competes at a high level, is learning to manage her emotions and stress, skills that are invaluable in the professional world.

 

I am convinced that we are all equal in terms of our ability to succeed, whatever our chosen profession. There's no reason to limit yourself. My credo is simple: anything is possible. In finance, women have a huge contribution to make. A diverse team is a complete team, enriched by different points of view and different sensibilities.

 

To succeed in finance, young women need to have confidence in themselves, believe in their abilities, build networks and discover the richness and interest of this profession. Above all, they need to know that this does not in any way prevent them from having a fulfilling life. Finance is not a hindrance, but a path open to all ambitions.

 

8.           Can you tell us about a time when you overcame a crisis or difficulty? Explain the difficulties you encountered and how you dealt with them.

There are times in a career when you find yourself confronted with crises on an unprecedented scale, and the Covid-19 pandemic is a striking example.

 

We found ourselves confined to our homes, physically cut off from our teams and partners. The directors of the companies I support were faced with crucial strategic decisions, often in a climate of urgency and uncertainty. In these moments of turmoil, it's essential to know how to listen, keep your cool and show great resilience.

 

For me, this period was an enriching experience, because it enabled me to get even closer to the management of the companies in which we are shareholder of. Together, we were able to find appropriate solutions and demonstrate pragmatism. Thanks to this close collaboration, all the companies I work with have managed to weather this storm and are doing well today. It was a difficult period, of course, but it highlighted the importance of teamwork, exchange and trust in making the right decisions.

 

Perhaps we hadn't anticipated the scale of inflation that followed, or certain market phenomena that were amplified before subsiding. But the real question is still: what do we do about these challenges and how do we react? Personally, I've never tended to give up. I take responsibility for my choices, I take decisions and I keep moving forward with determination.

 

9.           What are your current events, dreams or short-term projects?

In other news, I am particularly proud to announce that we have raised our first private equity continuation fund. This success is all the more gratifying because we have succeeded in attracting North American investors, which is often a difficult task. It gives me great satisfaction to lead innovative initiatives, and this project is a perfect example.

 

As for my short-term dreams and projects, they focus on the need to take time for myself, to sit back and reflect. We live in an age where everything is accelerating, where we are constantly connected, and where global balances are in constant flux. It's crucial not to get carried away by this wave of uncertainty, but rather to take time out to reflect and make informed decisions.

 

My aim is to get it right, to make the right choices and, perhaps, to take strong societal positions to help change things. We are entering an era where it will be essential to stand up for what you believe in. Equality between men and women, for example, remains an unfinished battle. If we look at the global situation, it is clear that we are still a long way from achieving this equality. We must continue to fight to ensure that the gains we have made are not called into question.

 

Environmental issues are also at the heart of my concerns. We are witnessing setbacks on certain political decisions and it is vital to fight for these causes. Democracy itself requires our constant vigilance. We need to remain true to our values and our line of conduct.

 

In short, now is the time to reflect, to step back and think for ourselves. That's how we'll be able to navigate this rapidly changing world with wisdom and determination.

 

10.        Do you have another strong belief to share?

Working with entrepreneurs is a constant source of inspiration for me. Their dedication, their ability to innovate and overcome challenges are qualities that I admire and that I strive to incorporate into my own professional practice. They embody perseverance and initiative, values that I hold dear and that guide my career. In short, one of the common threads running through my career is this close collaboration with entrepreneurs, these builders in the shadows who are shaping our future with courage and passion.

 

 

Charlotte Dewynter

Head of Infrastructure

Private Markets Group

UBP - Union Bancaire Privée

 

 

1.           As a woman who has succeeded in the field of finance, could you tell us a little about your background and the job you do? How did this vocation come about? Did you encounter any difficulties in choosing your career path, or did you receive support?

I wouldn't call it a vocation, but rather a matter of opportunities, encounters and learning. I was more of a scientist at high school, then I went to Paris Dauphine University, where I discovered management techniques, financial analysis and business law. After gaining a postgraduate diploma (DESS) in corporate finance and financial engineering, I did my end-of-studies placement in 1999 in the M&A team at BNP Paribas, where I stayed for almost 9 years.

 

It was a very rewarding experience. I was exposed to a number of transactions (acquisitions, disposals, mergers, public offers, etc.) in dynamic sectors (energy, mining, utilities). I was young, but I worked with managers who trusted me, delegating responsibilities and sending me out to meet clients on assignments all over the world. That gave me a lot of confidence. It was a heavy workload, often nights and weekends. But I learnt an enormous amount from top management of customers and their legal and financial advisers. I believe that if you enjoy what you do, if you are valued, the workload and the hours are not a constraint.

 

In this predominantly male world, I was very much supported and encouraged by many men, including one who played the role of mentor. I followed him in 2008 when he founded Antin Infrastructure Partners, an infrastructure investment fund. I was involved in acquisitions in the transport, energy and telecoms sectors (executing transactions and sitting on company boards). I'm passionate about the infrastructure asset class. It meets the essential needs of communities while constantly questioning how societies are evolving and how to modernise while remaining socially acceptable.

 

I moved to Switzerland to join my husband. I now work at UBP, a private bank specialising in wealth management. I'm responsible for selecting infrastructure investments within the private markets team and for a fund that invests in the energy and digital transition. I'm delighted to see that more and more infrastructure investors are sophisticated and at the heart of decarbonisation objectives, with strong convictions on ESG criteria.

 

2.           Later on, did you encounter any gender-related difficulties in your professional development?

For a very long time the question of gender never arose. I didn't think that being a woman was an obstacle to my professional development. Of course, I experienced a few sexist episodes, and I often thought that I had to work twice as hard as a man to be recognised. But I was encouraged by kind men. Sadly, sometimes it was more senior women who put the brakes on my ambitions. Sometimes women in the minority, especially when they have fought hard to reach certain positions, can be the first to block the ascent of other women.

 

It wasn't until I had children that I realised the difficulties and obstacles, the differences in pay and promotion between men and women, and the enormous weight of guilt that women are made to bear as soon as they decide to start a family. I've experienced injustice and stigmatisation. But I have every hope that future generations will fight harder not to have to choose between career advancement and family life. First of all, I can see that men are more involved in sharing the workload, and are more supportive of their partners' careers. But above all, I hope that women will learn to assert themselves more, and negotiate their titles and salaries as men naturally do, without fear, embarrassment or imposter syndrome.

 

3.           Is it difficult to combine life as a woman, family life and life as a financial professional? How do you organise yourself? How do you manage it all?

Yes, it's difficult, but I don't think it's more difficult in finance than anywhere else. The hours can be restrictive and there's a lot of travelling, but that's the case for any position of responsibility. Like many people, I feel guilty all the time, at work for not seeing the children enough, at home for not being in the office. To cope, you have to try to be less of a perfectionist, not wanting to control everything to avoid mental overload. I've learnt to put things into perspective and prioritise. I once received some good advice from a company director: a significant proportion of the tasks and emails that seem very urgent at a given moment will probably not be urgent at all in a week, a month, 6 months...

 

And there can be several phases in life, you can be very focused on your career one moment, then more focused on your personal or family life the next. I attended a women's breakfast in the very male-dominated world of infrastructure investors. Most of them had quite chaotic careers, with slowdowns, retraining and moves to follow their husbands. I realised that I wasn't the only one to have made concessions, and that it doesn't matter. There's no such thing as failure as long as you're in line with what you want and you know you can bounce back.

 

4.           In your opinion, what qualities are needed to do your job? What has been your greatest asset in your success? What do you consider to be your greatest success?

You need financial and operational analysis skills, an ability to summarise, an understanding of companies' business models and sectors, an analysis of the past to project cash flows, to identify the main risks and how to protect yourself against them... But there is also a human dimension, team spirit. In my opinion, one of the main risks when analysing a company is the human risk: a team that can't work together, people who don't trust each other. You can have the best academic talent, but if they are not capable of putting the team ahead of the individual in the pursuit of a common goal, then there is no success.

 

My main asset is my eternal desire to learn. I've always enjoyed listening to teams, managers and executives. One of my successes is that I've built up a solid network of professionals, advisers and friends, and people know that I'm serious, reliable and transparent. But humility and sensitivity are also assets. Too many women of my generation have tried to be like men, by hiding their sensitivity, and that's a shame. It's our differences that make us stronger and more complementary, and that create value in a team.

 

5.           Which female role models (or success stories) have inspired you along the way?

My mother has always worked and expressed her convictions loud and clear. As a young lawyer, surrounded by men, she was reprimanded for daring to wear trousers in court, then she became an entrepreneur so that she would no longer be in my father's shadow. She launched and managed several companies, while remaining humble, elegant, feminine, sporty, funny... She knows how to cook, change a tyre or sew curtains... She passed on to me this taste for effort and hard work. She's a courageous, proud woman who fought for her independence and freedom. She's my role model, and my greatest support. As a student, I was also lucky enough to do a placement in the Visa CEMEA department, which was run by a woman. She was a great source of inspiration, proving that you can be a woman, a mother, have a career in finance and lead great teams. Above all, the women who inspire me are modest and self-deprecating. There's nothing worse than people who take themselves so seriously.

 

6.           Today, women account for 12.5% of the CFO workforce in France (based on a Vernimmen study to the end of 2022 on the gender of CFOs in the top 120 listed companies). What do you think accounts for this figure? How can we increase it?

I imagine that fear is the biggest obstacle: fear of not being up to the job, fear of being ridiculed, fear of not having the time to look after yourself or your family, fear of finding yourself in an environment that is too masculine, fear of having children, fear of not having children, fear of failure... Women tend to underestimate and devalue themselves. They don't dare impose themselves, manage teams or put themselves forward. They also sometimes have a complicated relationship with money: earning it, managing it, investing it. We probably need to help women find ways of combining career and family life, and give them the tools they need to assert their points of view, their ways of doing things, their agendas...

 

7.           What advice can you give us to encourage women of generations Z and K to enter the world of finance?

Today is a good time to get started, we're starting to break out of the stereotypes. Inclusion, diversification and ESG criteria have prompted the financial sectors to recruit more women and appoint them to senior positions. By bringing a different point of view, particularly on risk and crisis management, women have an essential role to play in finance. This is all the more true in a world of finance that is becoming increasingly inclusive and sustainable. To be encouraged and to progress, you need to identify the right mentors or sponsors, male or female. Above all, don't be afraid to take the plunge. We need to demonise finance as a profession.

 

8.           Do you have another strong belief to share?

I tended to think that we shouldn't emphasise gender, that we should keep a low profile, that quotas and women's networks would reinforce differences and stigmatise us even more. But I've changed my mind. We need to encourage each other, support each other, create mentorships. Today, for example, when analysing an investment, I consider a company or fund that has no women on its board or comex to be a big negative point. We are lucky to live in societies where women can study and be free to make their own career choices. We need to encourage women, but we also need to educate men. The more women there are in finance, the more visible we'll be, the less competition we'll face and the less questions the next generation will have to ask.

 

Pascale Seivy

Sales Director France,

Groupe Lombard Odier

 

 

1.           As a woman who has succeeded in the field of finance, could you tell us a little about your background and the job you do? How did this vocation come about?

I had a vocation for finance from a very early age. Two memories come to mind: a meeting when I was 7 (I remember it like it was yesterday) with Edmond Safra in Geneva, the founder of the Republic National Bank of New York banking empire, later taken over by HSBC. The second memory, probably at the same age, is of a report on auctioneering, the excitement of which fascinated me.

 

I studied finance at EM Lyon and was lucky enough to be selected for an internship at JP Morgan - which, incidentally, aroused some jealousy among the other students. Anecdotally, JP Morgan's Paris head office is on Place Vendôme, as was Mr Safra's Republic National Bank at the time. I thought about it every morning on my way to work. That first experience, which I often describe as “professional love at first sight”, really launched my career. I then signed my first permanent contract with JP Morgan even before I finished my studies, and stayed there for 13 years, taking advantage of everything the company had to offer in terms of geographical mobility and training. Back in France, I then worked for the Pictet bank for 6 years, then ODDO BHF for 5 years, and in January 2024, I joined the Swiss banking group Lombard Odier as Sales Director France. I've built my career by adding another string to my bow at every stage.

 

I have almost always worked as a private banker, helping families and entrepreneurs to structure and manage their assets and advising them on all the financial and decision-making aspects of their wealth.

 

2.           Did you encounter any difficulties in your career choice or, on the contrary, did you receive support? Later on, did you encounter gender-related difficulties in your professional development?

I don't feel that I've had any difficulties in my career as a woman. On the other hand, I have worked in environments that were essentially male-dominated, particularly when I covered Turkey and Israel. I think I was the only woman to cover this region among the bankers in Geneva. I saw it more as a personal challenge and I made a difference. In my professional career, being a woman has never really been a problem, even though managing my two pregnancies has not been easy. But if you're very well organised, it's perfectly possible to do it with peace of mind.

 

3.           Is it difficult to juggle life as a woman, a family and a finance professional? How do you organise yourself? How do you manage it all?

It's quite complex indeed. It requires a lot of organisation, and sometimes a few sacrifices. Expectations of women of my generation are extremely high. You have to juggle work and family life, while finding time for a social life. As far as I'm concerned, the notorious mental burden is often very significant. I brought up my son on my own until he was 10, while at the same time pursuing my career, which was not without its sacrifices, and then I had my daughter at almost 44. But I also decided to make important choices for them, such as leaving Geneva where I had built everything and starting again in Paris, so that my son could grow up with my family. But I don't regret it in the slightest. I've always seen my two children as my source of energy; it's they who give me the strength I need to keep pushing forward.

 

The advice I can give is not to hesitate to give yourself little moments whenever possible. In this context, I've been able to free up time to spend some very quality time with my children, including some memorable long trips as a duo with my son. We will undoubtedly remember them for the rest of our lives. I hope to be able to do the same with my 4-year-old daughter, even though I'm 10 years older!

 

4.           In your opinion, what qualities are needed to do your job? What has been your greatest asset in your success? What do you consider to be your greatest success?

The undeniable qualities of a private banker are above all listening and empathy. I don't think it's possible to advise people properly without understanding their values and how they operate, which determine their approach to their assets, their objectives and their psychology in relation to market volatility.

 

In my view, the quality of a private banker lies in his ability to perceive these factors by listening and asking the right questions. As far as I'm concerned, my oriental culture (my mother was born in Lebanon and my father in Egypt), which is very people-oriented, was undoubtedly an asset at the outset, and one that I was able to develop further later on by increasing my contacts with prospects and customers. This job has to be a vocation. And there are very few professions where psychology can make the difference.

 

My greatest success is that I've always enriched my experience by taking on projects that are ancillary to my main mission, such as creating a prize from scratch to reward young companies incubated alongside my role as banker and team leader, and that I've always followed my instincts when making decisions that will determine my career.

 

5.           Which female role models (or success stories) have inspired you along the way?

Without hesitation, the great figures of History, the women who were afraid of nothing. I'm thinking first and foremost of Simone Veil, who showed incredible resilience throughout her life. I also feel inspired by Michelle Obama, who never took a back seat to her husband when he was in the spotlight. And closer to me, my mother of course, who has always managed the family with great diplomacy. She's extremely patient, a quality I didn't necessarily inherit!

 

6.           Today, women account for 12.5% of the CFO workforce in France (based on a Vernimmen study at the end of 2022 on the gender of CFOs in the top 120 listed companies). What do you think accounts for this figure? How can we increase it?

I don't think we should always blame men for this figure. Many CEOs deplore the low number of women applying for finance or engineering jobs. I think the problem lies much further upstream, when women are given guidance during their studies. I also think that stories like this one should be told more often, to show women that it is possible to have a career and fulfil yourself in jobs that have long been seen as men's jobs, without giving up a full family and social life.

 

It all has to come down to education and study if we really want to change things. In all honesty, I come from a culture where women don't have careers. Even if I was pushed to study, it was more for the principle of studying than for the opportunities. All this gave me the confidence not to reproduce the classic pattern of being a stay-at-home mother, which was not my vocation. Today, I know that my mother is very proud of me and my career, even if she made a different life choice for herself.

 

7.           What advice can you give us to encourage women of generations Z and K to enter the world of finance?

The best advice is to have a good understanding of all the jobs in finance, which allow every type of person, from the more reserved to the more extroverted, to flourish. There is a place for everyone in this sector.

And finance is one of the few areas where you can use both human and analytical qualities.

8.           Can you tell us about a time when you overcame a crisis or difficulty? Explain the difficulties you encountered and how you dealt with them.

 

The 2008 financial crisis had a profound effect on me. One of the most striking episodes of this period took place during a visit to a family I was looking after in Turkey. Instead of the usual welcome, I was taken to a windowless room where the whole family was waiting for me, 17 men to be precise. They were very upset because the hedge funds in which they had invested had refused to return all their capital. I was 31, looking 5 years younger, and I was alone to face this moment that I hadn't anticipated. But all in all, that year was as hard as it was instructive. It also made me discover the excesses of the global financial system.

 

The other episode was my very first television appearance in 2013 with Marc Fiorentino. I was very apprehensive about that moment and managed the stress by “over-preparing” myself. This “flaw” stayed with me and even today I still prepare a lot for my appearances. I'll never be accused of knowing too much rather than too little.

 

9.           What are your current events, dreams or short-term projects?

I have been Sales Director France at Lombard Odier in Paris for just over a year. At this fine family-run business, I work with our teams on many projects, particularly with young entrepreneurs, an area I'm passionate about, and with family-run businesses, which I believe are essential to our economic fabric and to the sustainability of our entrepreneurial culture.

 

We are also working on the issue of women CEOs. More and more women are taking up this position in major companies. This trend has caught our attention and made us want to analyse and encourage it.

 

My absolute dream is to bring my two children, aged 15 and 4, to fulfilment, while continuing to be passionately involved in my professional life and seeing through to the end all the projects I have launched and those I still have in mind.

 

10.        Do you have another strong belief to share?

Yes, that of never letting obstacles discourage you, of being patient and persevering. And to always follow your instincts! One of my mottos is to always move forward, even if it's one small step at a time. It's always one step further!

 

Initially published by the Financial Times, this graph shows very different wealth structures from one country to another, but also some unexpected developments.

 

For example, who would have thought that Italians would devote a larger proportion of their wealth to equities than British households? Almost double. It is true, however, that UK pension funds also provide UK citizens with some long-term exposure to equities, making them feel less useful to hold a large proportion of their assets directly in shares

In Japan, cash holdings are breaking all records, accounting for a third of assets. We can assume that the 80% fall in the local equity market, after tripling in 4 years, has something to do with this, especially as this 1989 level has only recently been reached again.

In the United States, more than half of wealth is invested directly or indirectly (via pension funds) in equities. Is this the cause or consequence of the country's average wealth?

In Germany and France, it is the love of property that continues to structure wealth.

 

With Simon Gueguen, lecturer-researcher at CY Cergy Paris University

 

While the 1980s and 90s were the years of initial public offerings, the last 25 years have seen the growing success of private equity, with companies being financed for a very long time by business angels and venture capital funds. As a result, many listed companies have decided to delist. For the first time in 2016, more companies were delisted than floated on the US stock market. Dell's delisting in 2014 was particularly memorable, with Michael Dell explaining that it was the result of a strategic choice to focus on innovation and to distance itself from the short-term pressure of the markets.

 

This month's article[1] looks at the reasons for and timing of voluntary delistings, such as that of Dell. For the first time (in any case in a major journal), it proposes a theoretical model of delisting and tests this model on a large international sample.

 

The idea of the model is to present delisting as a decision taken by the majority shareholder according to its own interests, and in some cases to the detriment of minority shareholders. This decision is the result of a compromise between the advantages for the majority shareholder of remaining listed (mainly the extraction of private profits to the detriment of minority shareholders) and the disadvantages (for example, the costs associated with disclosure obligations).

 

It should be noted that the author’s construction of the model is not flattering for listed financing, since the argument of the company's performance always plays in favor of the exit. Keeping a company listed is only justified by agency problems. This vision is of course simplistic, but it is the very principle of a model to simplify reality to understand one aspect of it.

 

The article does not focus on the optimality of listing as such but rather seeks to identify what triggers the decision to delist at a given point in time. To this end, variables such as the percentage of majority shareholding, the degree of legal protection for minority shareholders, the distribution policy, the growth rate and the risk of the company are considered. Also, in the model, delisting allows the majority shareholders to appropriate information about the company's prospects, while the obligations associated with listing make this knowledge common knowledge.

 

The model is used as the basis for a statistical study to measure the impact of these different factors on the decision to delist. The authors used a very large sample of more than 26,000 companies listed in 26 different countries between 1990 and 2020. The international dimension of the sample makes it possible to include the degree of legal protection for minority shareholders and the cost of disclosure obligations in the analysis. Of these companies, 8,575 delist during the observation period. The authors focus on the 832 voluntary delistings. In most cases, delistings are not the result of a specific choice, but are the consequence of another event (merger, acquisition, bankruptcy, etc.). The analysis enables us to measure the importance of the various arguments in the decision to delist.

 

Statistically, the most decisive factor is the percentage of shares held by the majority shareholder. On average, the majority shareholders hold 35% when the company is voluntarily delisted, compared with 31% for the sample. The difference may seem small, but given the size of the sample it is highly significant. The author’s interpretation is that the majority shareholders can extract more private profit at the expense of minority shareholders when the latter hold a larger share of the capital, i.e. when the majority shareholding is smaller. Similarly, all other things being equal, delistings are more frequent when regulation protects minority shareholders. These two observations are consistent with the idea that the majority shareholders could avoid or delay delistings because of agency problems. Also, delistings are slightly more frequent when growth prospects are strong.

 

The existence of a trade-off between the private benefits of majority ownership and the economic outlook, as modelled by the authors, is corroborated by observation of a very large sample. However, it is important to remain cautious when interpreting the results, as the analysis is based on a model with strong assumptions and presupposes the superiority of unlisted financing in promoting growth. However, the most factual element of this analysis is that factors associated with agency problems (holding rates, regulatory environment) are more decisive than economic factors (risk and growth prospects) when it comes to voluntary delisting.

 

[1] A.Azevedo, G.Colak, I. El Kalak Et R.Tunaru (2024), “The timing of voluntary delisting”, Journal of Financial Economics, vol. 155.

In recent years, Barclays has withdrawn from

I

South Africa, Ghana, Kenya, Tanzania and Zimbabwe; BPCE from Cameroon, Congo and Madagascar; BNP Paribas from South Africa, Burkina Faso, Côte d'Ivoire, Gabon, Mali and Senegal; Société Générale from Angola, Botswana, Cameroon, Gambia, Sierra Leone, Tanzania, Uganda, Zambia and Zimbabwe.

 

Rather than a single reason, it was a combination of reasons that ultimately led to the decision to sell:

• Few synergies with the rest of the business, as IT infrastructures are more often than not independent and developed locally.
• Growing cultural differences, due to a tightening of regulations such as Know Your Customer, the fight against money laundering and corruption, which in Europe is reaching levels that are incompatible with those of countries that are less advanced in this area. The consequence was to slow down the development of these activities, whose main competitors are African groups that are not subject to similar provisions on this scale. It is better to sell than to destroy value by imposing excessive constraints on local subsidiaries.
• Geopolitical uncertainties, particularly in the Sahel region, with the development of drug and arms trafficking, have made these banks fearful of discovering that they are financing these activities without being aware of it.
• The fear that the CFA franc would suddenly fall away from the euro, more for political than economic reasons, leading to exchange rate losses.
• Market shares that are sometimes small - BNP Paribas was the 8th largest bank in the WAEMU, which bodes well for exits during the consolidation phases that will occur sooner or later (there are more than 25 banks in Ivory Coast).
• Assets that are ultimately small, often just a few percent of their NBI, even if they are growing fast, for European groups worth several tens of billions of euros.
• The need for long-term or even very long-term ressources to finance loans to infrastructures badly needed in Africa, which European banks do not have in abundance.
• A higher risk of fraud within local subsidiaries than elsewhere.

 

Regularly on the Vernimmen.com Facebook page^[1] we publish comments on financial news that we deem to be of interest, publish a question and its answer or quote of financial interest. Here are some of our recent comments.

 

ROE or ROTE? _{(March 23)}

 

In addition to return on equity (ROE), banks are accustomed to calculating return on tangible equity (ROTE), which is calculated by dividing net income for the year by shareholders' equity less intangible assets, mainly goodwill. In practice, ROTE is higher than ROE. For Citigroup, ROE 2024 is 6.1% and ROTE is 7%.

 

While it's understandable that banks are sensitive to the notion of tangible equity, since the European banking regulator's prudential ratios remove intangibles from book equity, it's a different story for shareholders.

 

Continuing with the example of Citigroup, shareholders have contributed or left at the disposal of their company $190 billion in equity. In addition, Citigroup has goodwill of $19 billion, giving tangible equity of $171 billion. Citigroup's shareholders have contributed, or decided not to pay out in dividends or share buybacks, $190 billion.  Logically, it is on this sum that they wish to obtain their required rate of return, not on $171bn of tangible equity. In fact, just because management spent part of this $190bn on acquisitions that resulted in the recognition of goodwill, doesn't mean that shareholders have given up all hope of receiving a return on the $19 billion that has fallen into a calculation hole.

 

If management now believes that this goodwill is worthless, it has a duty to write it off, to recognize a loss of $19 billion. But if they haven't done so, it's because they don't consider the goodwill to be worthless. There is therefore no reason to remove them from shareholders' equity when calculating profitability, even if this improves the quotient.

 

In our opinion, there is no reason to publish ROTEs other than to dress up the bride. It's worth noting that in the United States, banks communicate on these two returns, whereas in Europe, communication is focused on return on tangible equity. In these times of a partial return to favor for banking stocks, isn't it time to simplify communication by publishing only return on equity (ROE)?

 

Admittedly, they'll be a little less good, but this would stop the impression being created that shareholders are being taken for fools.

 

European banks will also benefit from the elimination of the correlative reference to tangible equity per share, which since 2011 has often been seen as an unsurpassable horizon for the share price, and to which a discount is applied. If a discount is to be applied, let it on the higher basis of equity per share.

 

Why are you complaining about your bank's IT? _{(March 29)}

 

Did you know that the European prudential regulator requires banks to deduct from their equity not only goodwill paid on acquisitions, but also the unamortized value of their software, whether purchased or developed in-house, in order to achieve the required prudential equity? This rule has a direct impact on banks' ability to finance the economy.

But the American prudential regulator does not.This means that when a U.S. bank acquires software for 1000, it is weighted at 100% for the calculation of prudential capital requirements, resulting in an equity requirement of around 120. By contrast, when a European bank spends the same amount, the equity it needs to raise is 1,000, i.e. 8 times more. The result? 880 less to finance new projects on this side of the Atlantic than on the other.

Far from being anecdotal, this constraint weighs heavily on European banks. For BNP Paribas, for example, this rule reduces its prudential capital by €2 billion, limiting its capacity to absorb €15 billion in weighted average risk. That's a lot of credit!

With such prudential treatment, it's hardly surprising that European banks are thinking twice before increasing their investment in software. So the next time you're grumbling, for example, that your bank doesn't yet offer you electronic signatures to validate this or that document, take solace in the fact that this avoids reducing credit to SMEs in your area.

The European banking regulator, who introduced this measure in the early 2010s in a completely different context, might think about revisiting it, now that solvency ratios have changed completely. Over-transposing Basel III in relation to the US is tantamount to shoot ourselves in the foot. The current context should make this realization easier.

In 2008, JP Morgan had a capitalization of €75 bn, while the top 10 banks in the euro zone had a combined capitalization of €510bn. Today, JP Morgan is worth €610bn, as much as the top 8 banks in the eurozone combined. Admittedly, the treatment of software in regulatory capital explains only a small part of this reversal, but that's no reason to maintain the status quo.
 

 

Ubisoft or squaring the circle _{(April 7)}

 

With negative free cash flow of €1.3bn over the last 3 years, and a share price that has plummeted 90% since its 2018 high, giving a market capitalization of €1.2bn for roughly the same amount of net bank and financial debt, Ubisoft was faced with the dilemma of finding new funds.

The dilemma was complicated by the fierce desire for independence of the founders, the Guillemots, who hold 15% of the capital and 20% of the voting rights; but without the financial means to bring in new funds, especially as part of their stake was acquired at 5 to 6 times the current price and is held via derivatives.

What's more, with Tencent now holding 49.9% of the capital of their holding company, and the latter directly holding 10% of the capital and 9% of the voting rights, the concert formed by the two parties is just below the mandatory takeover threshold of 30%. Any capital increase at Ubisoft was de facto impossible, given the Guillemots' desire to control the company. Indeed, the family, already in debt, could not participate financially. And if its ally Tencent were to take part, it would overtun the balance within the concert, leading to a compulsory takeover bid and a loss of control by the family, unable to finance it.  

In the autumn, rumours circulated that the family and Tencent were considering delisting Ubisoft. This was not formally denied. Ubisoft's share price jumped 40% at the time, even though such a move seemed unlikely for 2 reasons:

1/ the Guillemots' fierce determination to retain control, which is only real as long as no one else acquires a stake greater than theirs;

2/ the absence of positive free cash flows, making it more difficult to finance a buyout.

10 days ago, a solution, necessarily baroque given the constraints, was announced. Ubisoft will spin off its 3 best games and their teams (Assassin Creed, Far Cry and Tom Clancy's Rainbow Six) into a new entity, 25% of whose capital will be open to ... Tencent, which will contribute around €1.16bn, valuing the 3 games at 4 times their sales.

This will externalize the value of the 3 best games (at twice the entreprise value of the whole Ubisoft) and totally de-leverage Ubisoft. But it dilutes shareholders' stake in the best assets, without allowing them to vote on the restructuring or participate alongside Tencent, whose position as future controlling shareholder is clearly strengthened. It also complicates the group's structure and clarity, increases the sources of conflicts of interest between shareholders, and will inevitably be accompanied by a governance/complexity discount, difficult to quantify but very real. The return of the share price to its autumn level (-24% since the announcement) is just the evidence of this.

 

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