Erwan Steff has been Team Banque Populaire Director since early 2025. We asked him how the latest flagship of the Banque Populaire fleet was born and what it will be like: the maxi Maxi Banque Populaire 15. Erwan Steff, 53, was born in Nantes, and sailing was a natural choice, passed down to him by his father. His career began with Optimists, then moved on to the 420, the First Class 8, and the Melges 24. Sailing soon became a profession, and he participated in several projects: from the Solitaire du Figaro, the Vendée Globe (two with Yann Eliès, one with Jérémie Beyou), the Volvo Ocean Race, and the French challenges to the America’s Cup. He was a former team manager for Generali. In 2009 he worked for a few months with Team Banque Populaire, then competing on the maxi-trimaran Banque Populaire V. In 2017 he became a permanent member of Team Banque Populaire, quickly becoming Director of Logistics, and since the beginning of 2025 he has been Team Director.
Interview with Erwan Steff
Just under a month ago, you announced the construction of the Maxi Banque Populaire 15 and launched a “2029” program. What does this program involve?
2029 program calls for Team Banque Populaire to participate in three round-the-world races during that period: an attempt to complete the Jules Verne Trophy in the Ultim class in early 2027 with Armel Le Cléac’h and his crew; the Arkéa Ultim Challenge with Armel in the Ultim class; and the Vendée Globe in the IMOCA class with Lois Berrehar. Therefore, the IMOCA will be launched in March 2027, and the construction of the IMOCA and Ultim class boats will take place consecutively at the CDK shipyard.
When and how was the decision to build the Maxi Banque Populaire 15 made?
The final decision was made on December 18, 2025, after approval by all Banque Populaire executives: the CEOs and the Chairman. The Banque Populaire team had proposed to the Board of Directors of Bateau Populaire SA in June 2025 the construction of a new vessel to remain at the forefront of performance for the 2030 Route du Rhum. The decision was then reviewed by the various corporate committees: sport, finance, and human resources, and finally approved by the Board of Directors and the Chairman.
Was the decision to build the new Ultim influenced by the construction of the Gitana 18?
Of course, we’re following the competition closely, but our primary motivation is the belief that we can design a faster boat. Our design office and naval architects collected a wealth of data during the BPXI campaign and learned a lot about foiling; they want to use this knowledge to design a fully foiling boat.
The Future of the Other Ultim, Banque Populaire XI
In April 2021, you launched Ultim Banque Populaire XI. Wasn’t it possible to modernize it to maintain its competitiveness? Were the necessary interventions too costly, or is Ultim Banque Populaire XI simply an obsolete platform?
The platform isn’t obsolete, but updating it to reflect the latest developments in foils and equipment would have required reinforcement, a costly operation with uncertain results. With our new foils and rudders, we have now reached the platform’s load limit. Furthermore, in recent years, our engineers and naval architects have developed solutions to achieve planing on foils earlier and for longer periods.
Ultim Banque Populaire XI still has a racing program planned for the next few years. What work has been done to prepare it for the 2026 season and beyond?
We carried out major work in 2025, including replacing the daggerboards and rudders, and we plan to install a new daggerboard in 2026. The 2025 upgrades have been validated, and the new daggerboard should give us a performance advantage for the Route du Rhum.
And a new Imoca will also be born
The construction of the Maxi Banque Populaire 15 follows that of a new IMOCA Banque Populaire 14. How did Banque Populaire management react to the idea of a new Ultim?
Banque Populaire’s management team is strongly committed to innovation, entrepreneurship, and a winning mentality. By launching these projects, they are affirming their unique identity as shipowners. It was therefore natural for them to continue the story that began 37 years ago.
Antoine Koch will design Maxi Banque Populaire 15
Why did you choose Antoine Koch as the designer?
Because we firmly believe that he and his design team are the best today capable of designing the highest performing and most innovative boats.
Was Koch chosen from the beginning or did you consider other designers?
We contacted several naval architecture firms and discussed the best one as a team based on our criteria.
How much will Maxi Banque Populaire 15 cost?
It’s too early to provide a definitive price for the vessel, especially given the current uncertainty surrounding the cost of raw materials.
Finally, what is the construction timeline for Maxi Banque Populaire 15?
Design work began at the beginning of the year. The first layers of carbon fiber are expected to be placed in the mold in early 2027. Construction is expected to be completed in April 2029, with the launch to follow. First race: Transat Café l’Or in 2029.
Emilio Martinelli
