Compagnie Monegasque de Banque is a private bank

Private bank

Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...

 of the Principality of Monaco

Monaco

Monaco , officially the Principality of Monaco , is a sovereign city state on the French Riviera. It is bordered on three sides by its neighbour, France, and its centre is about from Italy. Its area is with a population of 35,986 as of 2011 and is the most densely populated country in the...

.

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.

Compagnie Monégasque de Banque offers both individual wealth management

Wealth management

Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...

 and normal investment trust

Investment trust

An Investment trust is a form of collective investment found mostly in the United Kingdom. Investment trusts are closed-end funds and are constituted as public limited companies....

s 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

Euro

The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

 denominated hedge fund

Hedge fund

A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...

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.

CMB has bank deposits and savings of 7.6 billion euros, and a market share of 11%, in line with that of Crédit Foncier

Crédit Foncier de France

Crédit Foncier de France is a national mortgage bank of France. A subsidiary of the Groupe Caisse d'Epargne, its headquarters is located in Charenton, 100 metres outside the Paris city limits.-History:...

.
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. 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

Real estate

In general use, esp. North American, 'real estate' is taken to mean "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; an item of real property; buildings or...

 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

Lugano

Lugano is a city of inhabitants in the city proper and a total of over 145,000 people in the agglomeration/city region, in the south of Switzerland, in the Italian-speaking canton of Ticino, which borders Italy...

, Switzerland

Switzerland

Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....

, 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).

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