Banks in Monaco

30 September 2017, updated 29 October 2018

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 8.61 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 Monaco Number of Banks by Country of Origin in Monaco Consolidated Banking Assets in Monaco

Monegasque banking sector is rather concentrated: out of 18 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, CFM Indosuez Wealth, UBS (Monaco)) had been increasing; however, there was a decline in 2017 of the total assets of Barclays Bank.

Market Shares of Major Banks in Monaco Total 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
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
KBL Monaco private bankers Switzerlandprivate banking
asset management
ROTHSCHILD MARTIN MAUREL MONACO Franceprivate banking
wealth management
Société Générale Bank & Trust (Monaco) Franceprivate banking
securities services
Ubs (monaco) SA 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 ShareNet IncomeCountry of Origin
15Andbank Monaco S.A.M.384.96 0.86%0.62  Andorra
16Banca popolare di Sondrio (Suisse)384.21 0.86%0.60  Italy
4Bank Julius Baer (Monaco) SAM4920.84 10.97%7.21  Switzerland
13Banque européenne du crédit mutuel Monaco559.97 1.25%1.55  France
18BANQUE HAVILLAND (MONACO) S.A.M.126.75 0.28%0.14  Luxembourg
7Banque J. Safra Sarasin (Monaco) SA2781.24 6.20%0.10  Switzerland
1Barclays bank plc monaco7002.86 15.62%35.15  United Kingdom
10BNP Paribas wealth management Monaco1754.45 3.91%2.21  France
2CFM Indosuez Wealth5585.43 12.46%28.30  France
5Compagnie monegasque de banque4382.91 9.77%13.63  Italy
19Crédit mobilier de Monaco14.17 0.03%0.24  Monaco
9Edmond de Rothschild (Monaco)2045.62 4.56%20.93  Switzerland
8EFG Bank (Monaco)2622.96 5.85%2.46  Switzerland
14KBL Monaco private bankers468.62 1.05%4.55  Switzerland
17ROTHSCHILD MARTIN MAUREL MONACO247.16 0.55%2.99  France
6Société Générale Bank & Trust (Monaco)4168.29 9.30%11.56  France
3Ubs (monaco) SA5095.89 11.36%13.67  Switzerland
11UNION BANCAIRE PRIVEE, UBP SA (new)1382.49 3.08%2.47  Switzerland
 

All the data are for 2017. Total assets are provided in million EUR.

See Also

External Links

  1. Government of Monaco