The Chambre Immobilière de Monaco and CFM Indosuez Wealth Management are committing together to provide estate agents with a bank guarantee, which is mandatory when they hold funds, bills or securities for their customers. The guarantee only covers transactions carried out by estate agencies which are members of the Chambre Immobilière de Monaco as part of their work on ‘transactions on properties and tangible and intangible business assets’ or ‘property management, administration of real property, and co-ownership property representative’.
For customers who are property investors, this bank guarantee is a fundamental assurance of their estate agency’s trustworthiness, solidity and reliability. Indeed, it originates from the memorandum of understanding signed by the Chambre Immobilière de Monaco - the official representative of property professionals to Public Authorities and the Employers Federation of Monaco, and CFM Indosuez Wealth Management - the leading bank in Monaco since 1922.
Michel Dotta, Chairman of the Chambre Immobilière de Monaco said, "Individuals and professionals who turn to an estate agency in Monaco have to be assured that they are dealing with a trusted, responsible and reliable partner. That applies to all agencies which are members of the Chambre Immobilière de Monaco, which respond to selective admission criteria. All our members are compulsorily covered for their professional civil liability and by a bank guarantee. For the latter, as the leading Institution in Monaco we have chosen the leading bank in Monaco, CFM Indosuez Wealth Management."
Gilles Martinengo, Chief Executive Officer of CFM Indosuez Wealth Management, "CFM Indosuez Wealth Management has been participating in the development of Monaco since it was first established. As Monaco’s leading bank, to us it seemed natural to commit alongside the Chambre Immobilière de Monaco, the leading Institution which brings together the financial centre’s major estate agencies. The financial guarantee we give their customers is a real proof of their estate agency’s quality and reliability. For us it is also an opportunity to show one of the many facets of our property financing expertise."
