The Compagnie Monégasque de Banque, recently renamed CMB Monaco, is poised for a new transformation, while innovation has always been a flagship of the institution, generating new products and services for its customers every year since its creation in 1976. Francesco Grosoli, CEO of CMB Monaco, details the bank's strategy for the coming years and the repositioning of the brand around the concept of "banking ahead".
CMB, an integral part of Monaco?
CMB is one of the banks created from scratch in the Principality in 1976 by several renowned banking groups and leading shareholders in the Principality of Monaco. Our footing in Monaco is therefore extremely strong. The Mediobanca SpA Group, which acquired a shareholding in CMB in 1989, became the majority shareholder in 2004.
Since its inception, our establishment has focused on a very high quality private banking service, which stands out from the rest thanks to its unrivalled proximity to its customers. Having our decision-making centre in Monaco explains our responsiveness. It is our true strength, and the point differentiating us from other establishments in the marketplace, for which Monaco is just one branch among others.
So, Private Banking is your core business.
Yes, absolutely. CMB Monaco's offering is structured around private banking, investment management and financing, and includes a wide range of investment products and tailored services available to our customers. Clients now have a full team at their service: an investment advisor, a credit specialist, a trading room open from 9 am to 10 pm, an AML specialist and, of course, a private banker operating as a "conductor".
We want to be a "one-stop-shop" for our customers, both in the Principality and internationally, regardless of their activities and needs. Customer segmentation, which was implemented at the beginning of 2020, is the foundation of our offering and allows us to offer services tailored to each customer. Our Premier segment offers an effective relationship and a strong digital offering to onshore customers requiring a local bank. The private banking segment, which is our core business, offers tailored solutions for HNWIs, UHNWIs, entrepreneurs and their families. We have also developed solutions suited to the specific needs and characteristics of companies and institutional clients based in the Principality. Finally, we offer a wide range of services and products specific to external managers and Multi Family Offices.
First and foremost, ours is a service business whose quality is quickly assessed by our customers. They are at the heart of all our concerns, which is a strategy common to all luxury brands.
Is CMB going to be undergoing a major transformation?
In 44 years, CMB has become a truly essential player in the Monegasque economy. The history of CMB is characterised by an innovative role in Monaco's banking industry. We must keep this innovative spirit for us and for the industry, which is why we have worked on rejuvenating and internationalising our brand.
Monaco must be recognised as a professional and cooperative banking centre. In such a small area, we are fortunate to have access to people who are difficult to reach – a pool of entrepreneurs and investors that is unique in the world. We need to prove that our expertise meets their expectations. Our transformation is a step in this direction.
Can you explain your new positioning: Banking Ahead?
In an ever-changing world, where technology acts as an accelerator and a multiplier of opportunities, CMB Monaco offers an advanced private-banking culture that meets the expectations of global elites, by focusing on their ambitions and helping them to achieve them. We are committed to embracing change and the opportunities of an open world by looking to the future to anticipate challenges and opportunities. Especially at a time when we have been forced to hit the reset button by the health crisis, we believe that our positioning is more relevant than ever, and that it is time to look to the future with new ambitions. That is what “Banking Ahead” means to us.
