CMB Monaco

Content sourced from Wikipedia, licensed under CC BY-SA 3.0.

CMB Monaco is an international private bank based in Monte Carlo, Monaco. It was founded on 11 March 1976 by Banca Commerciale Italiana and its partners and is now wholly owned by Mediobanca, an Italian investment bank. Mediobanca began with a stake in 1989, took control in 2004, and today owns 100% of CMB Monaco.

Its core business is private banking and wealth management. It also offers services such as tax advisory, tax planning, current accounts with credit cards, and client domiciliation. The bank serves private clients, industrial groups, and Monaco institutions to strengthen its local presence.

CMB Monaco is part of the Compagnie Monégasque de Banque group, which provides individual wealth management and investment trusts under Monaco law, managed by Compagnie Monégasque de Gestion (CMG). In partnership with Banca Esperia, CMG runs Monaco Hedge Selection, a fund of euro-denominated hedge funds. In 2006, CMB Monaco Real Estate Limited Fund was created in Jersey to invest in Monaco real estate.

Financially, CMB holds about 7.5 billion euros in deposits and savings and has roughly an 11% market share, similar to Crédit Foncier in France. It works with the Monaco government on infrastructure financing and with local companies such as Monaco Telecom, in which CMB owns a 6% stake. The bank also offers Lombard credits and real estate loans to support its private banking activities.

The CMB group includes CMG, several real estate companies, and other Monaco-based subsidiaries, employing around 190 people. In 2014, Euromoney named CMB Monaco the Best Local Private Bank in Monaco.