Monaco banking giant CFM Indosuez Wealth Management has been chosen by the Chambre Immobilière de Monaco as the provider of financial banking security for their members. The agreement, which was signed in early September, has set down an unprecedented structure of financial security for affiliated real estate agents in the principality during the period that they hold funds and securities for their clients. The scheme covers all operations in which agents are performing transactions on property and business assets as well as those related to real estate management, administrative activities pertaining to properties and also property management companies.
President of the real estate chamber Michael Dotta said, “Individuals and professions who contact a property agency in Monaco must to be reassured that they will be dealing with a person of repute [and someone they can] rely on and place their confidence in. All of our members, who each comply with very selective criteria, must be covered by a financial guarantee. As the banking institution of reference in Monaco, we have chosen CFM Indosuez Wealth Management as the provider.”
The CFM Indosuez Wealth Management bank is part-owned (30%) by the grandes familles of Monaco and 70% by the Crédit Agricole group. “Since its creation,” says General Director Gilles Martinengo, “CFM Indosuez has been an active participant in the development of the principality. As a banking leader [in Monaco], it seemed natural to us to work with the Chambre Immobilière de Monaco, who bring together the principal real estate agencies. This financial guarantee provides concrete proof to clients that these agencies are of quality and repute. It is also an opportunity for us to show our multi-faceted expertise regarding real estate financing.”