30 September 2017
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.
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.
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.
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.
|Name||Country of Origin||Business Focus|
|Andbank Monaco S.A.M.||Andorra||private banking|
|Banca popolare di Sondrio (Suisse)||Italy||retail banking|
|Bank Julius Baer (Monaco) SAM||Switzerland||private banking|
|Banque européenne du crédit mutuel Monaco||France||retail banking|
|BANQUE HAVILLAND (MONACO) S.A.M.||Luxembourg||international private banking|
|Banque J. Safra Sarasin (Monaco) SA||Switzerland||asset management|
|Barclays bank plc monaco||United Kingdom||wealth management|
|BNP Paribas wealth management Monaco||France||wealth management|
|CFM Indosuez Wealth||France||private banking|
|Compagnie monegasque de banque||Italy||international private banking|
|Crédit mobilier de Monaco||Monaco||lombard loans|
|Edmond de Rothschild (Monaco)||Switzerland||private banking|
|EFG Bank (Monaco)||Switzerland||global private banking|
global asset management
|HSBC Private bank (Monaco) S.A.||United Kingdom||private banking|
|KBL Monaco private bankers||Switzerland||private banking|
|Martin Maurel Sella Banque Privée - Monaco S.a.m.||Monaco||private banking|
|Société Générale Bank & Trust (Monaco)||France||private banking|
|Ubs (monaco) s.a.||Switzerland||wealth management|
|UNION BANCAIRE PRIVEE, UBP SA (new)||Switzerland||private banking|
The list of banks operating in Monaco with total assets and market shares is shown below.
|Rank||Name||Total Assets||Market Share||Country 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) SAM||6150.81||13.80%||Switzerland|
|13||Banque européenne du crédit mutuel Monaco||576.95||1.29%||France|
|19||BANQUE HAVILLAND (MONACO) S.A.M.||140.04||0.31%||Luxembourg|
|17||Banque J. Safra Sarasin (Monaco) SA||368.24||0.83%||Switzerland|
|1||Barclays bank plc monaco||7968.28||17.88%||United Kingdom|
|8||BNP Paribas wealth management Monaco||1994.45||4.48%||France|
|4||CFM Indosuez Wealth||4568.52||10.25%||France|
|5||Compagnie monegasque de banque||4340.41||9.74%||Italy|
|20||Crédit mobilier de Monaco||13.49||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 bankers||416.15||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.