Monaco bank strikes client deal with CFM Indosuez WM
Compagnie Monégasque de Banque, the Monaco-based private bank, has acquired a portion of CFM Indosuez Wealth Management’s Monaco client portfolio.
The deal is understood to have taken place against the backdrop of a new strategy on the part of CFM Indosuez Wealth Management to focus on clients who live in countries that have signed up to participate in the OECD’s Common Reporting Standard scheme for automatic exchange of information.
In a statement announcing the deal, Compagnie Monégasque de Banque (CMB) said it would take effect by 4 February.
As part of the deal, around eight employees are expected to join CMB’s international wealth management desk.
Monaco is one of 47 countries that have committed to automatically sharing financial information about account holders in its financial institutions next year with the relevant authorities in other countries that have signed up to the CRS. From the beginning of this year, it has begun to collect this information, ahead of the exchange regime getting under way.
Another 54 countries have agreed to begin exchanging such information this year.
The deal with CMB comes three months after CFM Indosuez Wealth Management agreed a deal with HSBC Private Bank to welcome certain of its Monaco clients.
Werner Peyer, chief executive of CMB, said his bank was “very lucky for this great addition to the team, it allows us to get new perspectives on market opportunities”.
“Clients will profit from an excellent quality of service, and will benefit from the solidity and deep roots of the bank within the Principality,” added Federico Limiti, Head of Private Banking at CMB.
Established in 1976, CMB has €11bn in assets under management. It provides investment advisory, asset and wealth management and financing services.
As reported, Crédit Agricole Private Bank re-branded as Indosuez Wealth Management last January, as it revived a historic name in a major transformation aimed at tapping into new markets in Asia and across the globe.
Paris-based Crédit Agricole originally dropped the Indosuez name in 2004, after the merger that year of Credit Agricole, Credit Lyonais and Indosuez, which created the company.