Banks in Monaco

Published

Monaco is a microstate in Western Europe with high-income, well diversified economy. Financial and insurance activities, along with scientific and technical activities, administrative and support service activities, real estate activities, wholesale trade and construction are main contributors to GDP of Monaco.Compared to the economy's size, banking sector of Monaco is rather large: consolidated banking assets 8.42 times exceed the country's GDP. Monaco has no personal income tax and thus attracted a number of wealthy residents whose income comes from outside of Monaco. The high concentration is high- and ultra-high net-worth individuals influences business focus of banks operating in Monaco: the Monegasque banks traditionally specialize in providing private banking, asset and wealth management services.

Banking Sector Structure

During the recent years (2013-2017), the number of banks operating in Monaco has been slightly declining, while consolidated banking assets was growing in 2013-2015 and then dropped 2016. Banks in Monaco are controlled by foreign groups headquartered mainly in France, Switzerland, Italy, Andorra, Luxembourg and the United Kingdom. There are just two banks with domestic capital, having less than 1.00% of market share.

Number of Banks in MonacoNumber of Banks by Country of Origin in MonacoConsolidated Banking Assets in Monaco

Monegasque banking sector is rather concentrated: out of 20 banks, 6 largest banks account for about 2/3 of consolidated banking assets; all these banks are foreign-controlled. During 2013-2016 total assets of each of the 3 largest banks (Barclays Bank plc Monaco, Bank Julius Baer (Monaco) SAM, Société Générale Bank & Trust (Monaco)) have been increasing.

Market Shares of Major Banks in MonacoTotal Assets of Major Banks in Monaco

Products and Services

Banks operating in Monaco have been traditionally focused on providing private banking, asset and wealth management solutions to high-net-worth residents of Monaco and internationally. Retail banking activities, concentrated around mortgage and Lombard lending, are rather limited.

NameCountry of OriginBusiness Focus
 Andbank Monaco S.A.M. Andorraprivate banking
wealth management
 Banca popolare di Sondrio (Suisse) Italyretail banking
 Bank Julius Baer (Monaco) SAM Switzerlandprivate banking
wealth management
 Banque européenne du crédit mutuel Monaco Franceretail banking
 BANQUE HAVILLAND (MONACO) S.A.M. Luxembourginternational private banking
 Banque J. Safra Sarasin (Monaco) SA Switzerlandasset management
wealth management
 Banque JSS (Monaco) SA Switzerlandprivate banking
 Barclays bank plc monaco United Kingdomwealth management
 BNP Paribas wealth management Monaco Francewealth management
 CFM Indosuez Wealth Franceprivate banking
wealth management
 Compagnie monegasque de banque Italyinternational private banking
 Crédit mobilier de Monaco Monacolombard loans
 Edmond de Rothschild (Monaco) Switzerlandprivate banking
asset management
 EFG Bank (Monaco) Switzerlandglobal private banking
global asset management
 HSBC Private bank (Monaco) S.A. United Kingdomprivate banking
wealth management
 KBL Monaco private bankers Switzerlandprivate banking
asset management
 Martin Maurel Sella Banque Privée - Monaco S.a.m. Monacoprivate banking
wealth management
 Société Générale Bank & Trust (Monaco) Franceprivate banking
securities services
 Ubs (monaco) s.a. Switzerlandwealth management
 UNION BANCAIRE PRIVEE, UBP SA (new) Switzerlandprivate banking
asset management
 

Total Assets of Banks in Monaco

The list of banks operating in Monaco with total assets and market shares is shown below.

RankNameTotal AssetsMarket ShareCountry of Origin
16 Andbank Monaco S.A.M.381.76 0.86% Andorra
14 Banca popolare di Sondrio (Suisse)431.97 0.97% Italy
2 Bank Julius Baer (Monaco) SAM6150.81 13.80% Switzerland
13 Banque européenne du crédit mutuel Monaco576.95 1.29% France
19 BANQUE HAVILLAND (MONACO) S.A.M.140.04 0.31% Luxembourg
17 Banque J. Safra Sarasin (Monaco) SA368.24 0.83% Switzerland
10 Banque JSS (Monaco) SA1923.47 4.32% Switzerland
1 Barclays bank plc monaco7968.28 17.88% United Kingdom
8 BNP Paribas wealth management Monaco1994.45 4.48% France
4 CFM Indosuez Wealth4568.52 10.25% France
5 Compagnie monegasque de banque4340.41 9.74% Italy
20 Crédit mobilier de Monaco13.49 0.03% Monaco
9 Edmond de Rothschild (Monaco)1971.44 4.42% Switzerland
7 EFG Bank (Monaco)2006.66 4.50% Switzerland
6 HSBC Private bank (Monaco) S.A.3626.26 8.14% United Kingdom
15 KBL Monaco private bankers416.15 0.93% Switzerland
18 Martin Maurel Sella Banque Privée - Monaco S.a.m.225.58 0.51% Monaco
3 Société Générale Bank & Trust (Monaco)5398.10 12.11% France
11 UNION BANCAIRE PRIVEE, UBP SA (new)1132.93 2.54% Switzerland
 

All the data are for 2016. Total assets are provided in million EUR.

See Also

Economy and Banking Sector of Monaco

List of Banks in Monaco

External Links

  1. Government of Monaco