CMB Monaco an international private bank based in

Monaco Monaco (; ), officially the Principality of Monaco (french: Principauté de Monaco; Ligurian: ; oc, Principat de Mónegue), is a sovereign city-state and microstate on the French Riviera a few kilometres west of the Italian region of Lig ...

. Established in March 1976 by

Banca Commerciale Italiana Banca Commerciale Italiana (COMIT), founded in 1894, was once one of the largest banks in Italy. In 1999 it merged with a banking group consisting of Cassa di Risparmio delle Provincie Lombarde (aka Cariplo; est. 1823) and Banco Ambroveneto, wh ...

and its partners, CMB is today wholly owned by

Mediobanca Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli (at that time CEO of Banca Commerciale Italiana, the largest commercial bank in Italy which promoted its incorporation together with Credito Italiano) ...

, an Italian investment bank.

Background

CMB Monaco was founded in 1976 by the Banca Commerciale Italiana and other international partners. Since 1996 when it took over the COMIT branches in Monaco, the bank has increasingly concentrated on private banking and wealth management other than retail banking, moving to a leadership position. CMB is a wholly owned subsidiary of Mediobanca (a joint Italian and Monegasque company), which first acquired equity in 1989, obtained a controlling interest in 2004 and now has 100% of the share capital.

Business activity

Currently, the core business of the group is Private Banking, backed up by certain accessory activities such as tax consultancy, tax planning, current accounts operating with credit cards and user domiciliation, provided at the client's request. CMB has, however, continued to provide banking services for private clients, industrial groups and Monegasque institutions, with the goal of strengthening its local presence. Compagnie Monégasque de Banque offers both individual

wealth management Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high ...

and normal

investment trust An investment trust is a form of investment fund found mostly in the United Kingdom and Japan. Investment trusts are constituted as public limited companies and are therefore closed ended since the fund managers cannot redeem or create shares. ...

s governed by Monegasque law and managed by its specialist company, the Compagnie Monégasque de Gestion. In partnership with

Banca Esperia Banca Esperia S.p.A. is an Italian bank which is a joint venture of Mediobanca and Banca Mediolanum Banca Mediolanum S.p.A. is an Italian bank, insurance and asset management conglomerate which is the parent company of Gruppo Mediolanum (Mediolan ...

, CMG manages Monaco Hedge Selection, a fund of

euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...

denominated

hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as ...

s. In 2006 it set up CMB Monaco Real Estate Limited Fund, a Jersey-based trust fund that invests in residential property in the Principality of Monaco. Currently CMB has bank deposits and savings of 7.5 billion euros and a market share of 11%, in line with that of Crédit Foncier in France. It also works in client financing in collaboration with the government of Monaco, for which it has acted as lead manager of financing consortium for certain infrastructural projects and with local companies such as Monaco Telecom (MT), which CMB owns 6% share. It also offers Lombard credits and real estate loans in support of its private banking activity. The CMB group includes several companies in addition to the holding company and in particular a fund management company (CMG), three

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more genera ...

companies that own properties occupied by the holding company, and the CMB subsidiaries in the Principality. The company employs 190 people. CMB has been granted the reward "Best Local Private Bank in Monaco 2014" by the financial magazine ''Euromoney''.

References

External links

* Banks established in 1976 Companies based in Monte Carlo Banks of Monaco {{Monaco-stub