Compagnie Monégasque de Banque

Compagnie Monegasque de Banque is a private bank of the Principality of Monaco.

Background

Compagnie Monegasque de Banque 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. 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^[which?].

Compagnie Monégasque de Banque offers both individual wealth management and normal investment trusts governed by Monegasque law and managed by its specialist company, the Compagnie Monégasque de Gestion. In partnership with Banca Esperia, CMG manages Monaco Hedge Selection, a fund of euro denominated hedge funds. 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.

CMB has bank deposits and savings of 7.6 billion euros^{[citation needed]}, and a market share of 11%^{[citation needed]}, in line with that of Crédit Foncier. 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 certaim infrastructural projects and with local companies such as Monaco Telecom owns 6% share^{[citation needed]}. It also offers Lombard loans and real estate loans in support of its private banking activity. The CMB group includes six companies in addition to the holding company: a fund management company (CMG), three real estate companies that own properties occupied by the holding company, and the CMB subsidiaries in the Principality. In 2008 CMB Banque Privée Suisse was set up in Lugano, Switzerland, and obtained its banking licence at the beginning of 2009, to diversify its client base and expand into other countries. The company employs 260 people (in all six subsidiaries).

Governance

Board of Directors

• Etienne Franzi, Chairman
• Aldo Civaschi, Vice Chairman
• Werner Peyer, Chief Executive Officier
• Francesco Carloni, Director
• Evelyne Genta, Director
• Michel-Yves Mourou, Director
• Giampiero Pesenti, Director
• Alberto Rosati, Director
• Francesco Saverio Vinci, Director
• Marco Vittorelli, Director

Management Committee

• Etienne Franzi
• Aldo Civaschi
• Werner Peyer
• Francesco Carloni
• Alberto Rosati
• Francesco Saverio Vinci

External links

• Official website

References

http://www.cmb.mc/index_en.php (Most of the info can be found here)