CMB sets up in Switzerland

Compagnie Monegasque de Banque [1] (CMB) has opened a branch in Switzerland.

The CMB was established in 1976 and since 2004 has been fully owned by the Italian banking group Mediobanca. It is one of the leading banking institutions in the Principality, having bought Unicredito's Monaco based private banking operations last year and ABN AMRO's local branch in 2006.

CMB Private Bank (Suisse) is based in Lugano and has been in business since the beginning of March 2009.