CMB Monaco an international private bank based in Monaco. Established in March 1976 by Banca Commerciale Italiana and its partners, CMB is today wholly owned by Mediobanca, an Italian investment bank.[1]
Background
CMB Monaco was founded in 1976 by the Banca Commerciale Italiana and other international partners.[2] Since 1996 when it took over the COMIT branches in Monaco, the bank has increasingly concentrated on private banking and wealth management other than retail banking, moving to a leadership position. CMB is a wholly owned subsidiary of Mediobanca (a joint Italian and Monegasque company), which first acquired equity in 1989, obtained a controlling interest in 2004 and now has 100% of the share capital.
Business activity
Currently, the core business of the group is Private Banking, backed up by certain accessory activities such as tax consultancy, tax planning, current accounts operating with credit cards and user domiciliation, provided at the client's request.