Monaco-based private bank Compagnie Monégasque de Banque, fully owned today by Italian investment bank Mediobanca, has appointed Francesco Grosoli as chief executive officer.
Grosoli has consolidated international experience in private banking in outstanding institutions such as Barclays, HSBC, and BSI. In Monaco, where he has lived since 1975, he has held a series of significant roles such as head of HSBC Private Banking until 2007. In Barclays he has held positions of increasing responsibility, having most recently served as CEO of Barclays Private Bank EMEA and Monaco.
The appointment of Grosoli is intended to promote significant growth by CMB, leveraging on synergies with the Mediobanca CIB division and AM platform as part of the increasing importance of Wealth Management activities within the Group as a whole, the company said.
CMB also said it was grateful to former CEO Werner Peyer for his hard work since 2010. Peyer will continue to work for in the capacity of CMB as a non-executive vice president.
Francesco Grosoli said: "I am truly honoured to take the reins of Compagnie Monégasque de Banque, a benchmark institution with a long tradition and established presence in the Principality of Monaco. It is also a real privilege for me to become a part of Mediobanca and make my thirty years' experience in the private banking sector available to the Group. To work with a Group based in my country of origin after spending for many years working for international organizations gives me great satisfaction. I look forward to playing my part in drafting an important new growth chapter for CMB as a reference player in the Principality by developing banking services for private customers and for Monégasque, resident and international entrepreneurs".