CMB acquires Unicredito’s Monaco-based private banking operations
Mediobanca has acquired Unicredito’s private banking activities in Monaco through group company Compagnie Monégasque de Banque (CMB). The deal, which follows on from the acquisition of ABN Amro’s branch in the principality in November 2006, represents another step in CMB’s efforts to continually strengthen its leadership position on the Monégasque market, with AUM of euro 8bn as at end-September 2007.
The acquisition, which involves around €500m worth of assets and over 1,600 clients, is not expected to impact significantly on net profit for 2008.
The transaction is expected to be completed by end-March 2008.