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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