Monaco-based private bank Compagnie Monégasque de Banque has announced it has bought a fraction of CFM Indosuez Wealth Management’s client portfolio in the Principality of Monaco.
The firm said the transaction will come into effect by 4 February 2017.
Some eight employees will join CMB’s international wealth management desk. It is understood that the deal complies with CFM Indosuez Wealth Management’s strategy to focus on clients living in countries applying automatic exchange of information.
As from 2018, Monaco will start to automatically share all fiscal information relative to the bank accounts of its residents with country members of the European Union in order to fight against tax fraud.
Since 1 January 2017, the Principality has begun to collect this information.
“We are very lucky for this great addition to the team, it allows us to get new perspectives on market opportunities” stated Werner Peyer, CEO of CMB.
“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 of assets under management. It provides investment advisory, asset & wealth management and financing services.