Concept
CMB Monaco (Compagnie Monégasque de Banque) is the Principality's second-largest bank (~11% market share), a private bank with no foreign branches: all booking sits in Monaco. Type: a private bank inside an Italian group: 99.998% owned by Mediobanca, with Monte dei Paschi di Siena as the ultimate parent since September 2025 (~86.3% of Mediobanca). Founded on 11 March 1976; the CEO is Francesco Grosoli (since 2019; he is also Head of Private Banking at Mediobanca Group). Contrary to a common mix-up, CMB was never owned by Barclays — Grosoli previously ran Barclays Monaco, which is a separate bank.
History and evolution
Founded with Lehman International among the partners; Banca Commerciale Italiana became the majority holder in 1989, with Mediobanca entering the capital. Mediobanca has been the sole owner since 2003–2004. Growth through client books: ABN AMRO Monaco (2006), Capitalia Monaco (2008), part of the CFM Indosuez portfolio (2016). In 2025 the bank completed its Avaloq core-banking migration and rolled out BlackRock Aladdin; in 2026 it marked its 50th anniversary, with Jean-Luc Biamonti becoming chairman.
Client assets exceed €20bn (per 2026 trade data); the loan book is €3.5bn (+15% in 2025); 2025 net profit was €38m after a €320m dividend to the owner in 2024; around 275–290 staff across four Monaco sites.
Regulation
- ACPR — banking operations (under the Franco-Monegasque convention, the Principality's banks operate under French banking law);
- CCAF — investment services (authorisation no. 2004-08);
- AMSF (the former SICCFIN, independent since 2023) — AML/CFT. Context: Monaco has been on the FATF grey list since June 2024; the AMSF's 2025–2026 sanction wave (UBS Monaco, Moncrief, Julius Baer Monaco) did not name CMB.
Source of funds and compliance
The Principality's standard applies: documented source of funds and source of wealth, PEP and structure screening under Law 1.362. No public sanction naming CMB was found. A US litigation episode is closed: in June 2024 a California court dismissed a RICO suit after a settlement, with the bank stating no violations and no loss.
Who it serves
- Monaco residents and non-residents with significant capital: no official minimum is published; industry reviews cite the Principality's non-resident norms at €2–3m (unofficial);
- international families — the bank's stated focus on "increasingly demanding international families";
- clients with property in Monaco, the French Riviera, the Alps and Paris — the signature mortgage practice;
- external asset managers — a dedicated desk.
Services
Wealth management
- discretionary management via subsidiary CMG Monaco (18 Monegasque funds and 4 Luxembourg SICAVs, over €4bn);
- advisory mandates (€3.9bn under advice) and brokerage execution.
Lending
- mortgages on prime real estate;
- lombard loans and bespoke UHNW credit.
Structuring
- wealth and succession planning; corporate and institutional desks;
- development through CMB RED (60/40 with Mediobanca).
Entities and booking centres
One point — Monaco; no foreign branches or banking subsidiaries.
| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
|---|---|---|---|
| Monaco | CMB Monaco SAM | bank, ACPR/CCAF/AMSF | the only booking centre |
| Monaco | CMG Monaco (99.92%) | fund manager | delegated portfolio management for clients |
Strengths
- half a century in the Principality and the market's number-two position;
- Mediobanca/MPS backing with a preserved local model;
- a strong mortgage and lombard practice against luxury assets;
- a clean supervisory record amid the AMSF sanction wave against competitors.
Where it does not fit
- clients needing booking outside Monaco — no other points exist;
- those wanting a published entry threshold — the bank does not disclose one;
- clients sensitive to the FATF grey-list context (the Principality has been listed since June 2024; an exit is discussed for the 30 October 2026 plenary);
- portfolios centred on crypto assets.
CMB is the archetypal Monegasque house: one jurisdiction, an Italian owner, strong lending against real estate and a clean record amid tightening supervision in the Principality.
Q/A
Entry and specifics
What minimum capital does CMB require?
The bank publishes no official minimum. Industry reviews of Monaco cite non-resident norms of €2–3m depending on the bank and profile; for Principality residency applicants a deposit from €500,000 appears. Terms are agreed individually.
Is CMB owned by Barclays?
No, that is a mix-up: Mediobanca has been the sole owner since 2004, and since September 2025 the ultimate group is Monte dei Paschi di Siena. Barclays Monaco is a separate bank, the largest in the Principality; CMB CEO Francesco Grosoli previously led that one.
What does deposit protection cover in Monaco?
Monegasque banks are affiliated with the French FGDR: €100,000 per depositor for deposits and €70,000 for securities. CMB's membership is confirmed on its balance sheet. Custody securities are segregated by law.
The Principality's context
How does the FATF grey list affect a client?
Monaco has been grey-listed since June 2024 and on the EU high-risk list since July 2025; the practical consequence is deeper checks at entry and during the relationship. Press reports suggest an exit may be considered at the FATF plenary of 30 October 2026.
Has CMB faced AMSF sanctions?
In the 2025–2026 enforcement wave the AMSF named UBS Monaco, Moncrief and Julius Baer Monaco — CMB does not appear in public decisions. The only high-profile episode was a California RICO suit, dismissed in June 2024 after a settlement.