Monaco-based CFM Indosuez Wealth Management has announced that it has sold a portion of its business within the principality to rival bank Compagnie Monégasque de Banque (CMB). The former says the move is in line with its ‘proactive approach to limit client relations to residents of countries participating in the Automatic Exchange of Information’.
On 20th January, CFM Indosuez Wealth Management confirmed that it had sold a fraction of its business - ‘namely clients resident in African countries’ - to CMB.
“This agreement is in line with CFM Indosuez Wealth Management’s proactive approach to limit client relations to residents of countries participating in AEOI (Automatic Exchange of Information),” said a spokesperson for the bank. “It is also in line with Indosuez Wealth Management group’s strategy to refocus its positions with clients in its key markets.”
The Automatic Exchange of Information regulations came into force in Monaco on 1st January 2017.