ABN AMRO To Sell Monaco Private Banking Unit
The private banking arm of Dutch bank ABN AMRO has agreed to sell its Monaco
business to CMB, a subsidiary of Mediobanca from Italy. ABN Amro announced on Monday that the sale of the private banking activities
in Monaco "fits within the strategy of ABN AMRO Private Banking to focus
further on optimising the global private banking network within ABN AMRO." "Divesting our activities in Monaco will allow the bank to focus on growth
in other markets within its global private banking network to enhance the efficiency
of that network," the bank explained in a statement. ABN AMRO Private Banking has been present in Monaco since 1990 and currently
has a staff of 24 in the principality. CMB has been operating in Monaco since 1976 and now has three branches employing
140. ABN AMRO said that it expects the transaction to close in December 2006. .
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