Compagnie Monégasque de Banque to buy ABN AMRO Monaco
Compagnie Monégasque de Banque (CMB) and ABN AMRO Private Banking have reached an agreement on the acquisition of the private banking activities of ABN AMRO in Monaco by CMB, part of the Mediobanca Banking Group. The transaction is expected to be completed in December 2006. According to CMB, the acquisition of this business unit, with over 800 million euro of assets under management, will enable the company to consolidate its position as one of the leading private banks in the Principality. It will bring CMB’s resources to over 8 billion Euro and increase its client base by 900 clients. “Divesting our activities in Monaco will allow the bank to focus on growth in other markets within its global private banking network to enhance the efficiency of that network,” the company said in a statement. ABN Amro’s private client business provides private banking services to wealthy individuals.