# CMB Monaco: the Principality's private bank inside Mediobanca > CMB Monaco — the Principality's second bank within Mediobanca/MPS: Monaco-only booking, luxury real-estate mortgages, FGDR protection and the FATF grey-list context. Last modified: 2026-10-19T00:00:00.000Z Canonical: https://wiki.private.law/en/cmb-monaco Publisher: wiki.private.law (https://wiki.private.law) Version: 0ef8c414d243ed49efb76574e058695c8dcef5f391ffadd717726e2461e39ebd Cite as: CMB Monaco: the Principality's private bank inside Mediobanca. wiki.private.law. https://wiki.private.law/en/cmb-monaco. Version 0ef8c414d243ed49efb76574e058695c8dcef5f391ffadd717726e2461e39ebd. Topics: banking Jurisdictions: monaco Functional tags: private-banking Product tags: bank, wealth-planning, investment, custody, lombard-credit, real-estate Semantic tags: private-banking, bank, wealth-planning, investment, custody, lombard-credit, real-estate --- ## 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](https://www.cmb.mc/sites/default/files/2026-07/annual_report_2025.pdf), 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](https://www.mediobanca.com/en/corporate-governance/leadership-team/francesco-grosoli.html)). 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. > 🍓 CMB participates in the French [FGDR: deposits up to €100,000](https://www.garantiedesdepots.fr/fr/verifier-la-protection-de-mon-etablissement) per depositor, with €70,000 for securities; the FGDR association certificate appears on the bank's balance sheet. Custody securities are segregated by law. ## 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](https://wiki.private.law/source-of-funds), 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. > 💡 For Monaco the source-of-wealth file carries extra weight: the Principality is on the FATF grey list and banks have tightened reviews. The mechanics are covered in the guide on [documenting source of funds](https://wiki.private.law/source-of-funds). ## 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**](https://wiki.private.law/eam-external-asset-manager) — 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](https://wiki.private.law/lombard-lending) 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. --- ## Similar articles - [British Atlantic Bank (NodaBank): Accounts, Deposits and Lending](https://wiki.private.law/en/nodabank) - [BNP Paribas Wealth Management: the Eurozone's private bank from Paris to Singapore](https://wiki.private.law/en/bnp-paribas-wealth-management) - [Indosuez Wealth Management: the consolidator from Crédit Agricole](https://wiki.private.law/en/indosuez-wealth-management) - [Edmond de Rothschild: the family-owned Geneva bank with a real-assets focus](https://wiki.private.law/en/edmond-de-rothschild) - [REYL & Cie: the Geneva bank that became Intesa Sanpaolo Wealth Management](https://wiki.private.law/en/reyl-cie) - [Union Bancaire Privée: the Geneva family bank built through acquisitions](https://wiki.private.law/en/ubp-union-bancaire-privee) --- Source: wiki.private.law — the private.law legal knowledge base. When quoting, cite the canonical page URL. 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