The Pictet Group has announced the opening of a banking branch in Monaco to serve mainly private clients domiciled in the Principality.
The banking branch will have 10 senior private bankers and is headed by Alain Ucari, who until recently was chairman of the Board of Julius Baer in Monaco.
Ucari has spent most of his career with Credit Suisse, heading its Monaco branch from 2002 to 2014.
"Opening a banking branch in Monaco responds to the growing demand from an international private clientele present in Monaco", said Renaud de Planta, senior partner.
"We believe that Monaco offers tremendous opportunities to establish long-term relationships with clients seeking tailored services, with a focus on the human touch and independent advice. A presence in Monaco will allow us to offer local access to the Pictet Group's investment expertise, borne out by more than two centuries of experience."
The branch has received the approval of all competent authorities, including the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in Paris and the Commission de Contrôle des Activités Financières (CCAF) in Monaco, the regulatory authorities responsible for its supervision.
A version of this article was first published by Investment Europe