UPDATED 4:30 pm: CFM Indosuez Wealth Management has sold a fraction of its business in the Principality of Monaco, namely clients resident in African countries, to Compagnie Monégasque de Banque (CMB).

This agreement is in line with both CFM Indosuez Wealth Management’s proactive approach to limit client relations to residents of countries participating in AEOI (Automatic Exchange of Information) and with Indosuez Wealth Management group’s strategy to refocus its positions with clients in its key markets.

AEOI entered into force in Monaco on January 1, 2017.

With this transaction, CMB, the Monegasque private bank founded in 1976, welcomes eight highly skilled employees that will support and complement the bank’s international wealth management desk.

“We are very lucky for this great addition to the team, it allows us to get new perspectives on market opportunities” states Werner Peyer, CEO of CMB.

CMB has made all the necessary arrangements to ensure the smooth integration of customers and their advisors into the new organisation.

“Clients will profit from an excellent quality of service and will benefit from the solidity and deep roots of the bank within the Principality,” adds Federico Limiti, Head of Private Banking at CMB.

Having received the awards of “Best Private Bank” and “Best Customer Service Bank” in Monaco 2016 by the financial magazines the Financial Times and Thomson Reuters groups, the bank has now been able to reach €11 billion of Assets Under Management.

Article first published January 20, 2017.

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