NEWS.MC editor-in-chief Ian Brodie asked Francesco Grosoli, CEO of CMB Monaco, about the bank’s involvement with the Monaco Pavilion at World Expo 2020 in Dubai.
Why did CMB decide to sponsor the Monaco Pavilion at Expo 2020?
As a major Monegasque bank, we wanted to associate our image with the Monegasque pavilion and this incredible event, which only takes place every five years. As you know, the influence of the Principality is one of the subjects that guide our sponsorship choices – in this same logic we also sponsor the principality’s main conference centre, the Grimaldi Forum. What better way to raise the profile of Monaco than with a world exhibition ?
In terms of the exhibition’s ‘connecting minds’ theme, this resonates with our ‘Ahead thinkers’ campaign. Personalities, all of whom have in common that they propose out-of-the-box ideas, are highlighted via our page https://www.cmb.mc/ahead-thinkers. We want to position ourselves as the intermediary between all these ‘forward thinkers’.
What is the value to the bank in doing this?
The Monegasque banking market enjoys incredible stability and our CET1 ratios in particular attest to the stability of our institution. Through our various partnerships, we aim to promote the Principality and contribute to its influence. As a Monegasque bank if the strengths of Monaco are recognised, it is also beneficial to us.
CMB says it is the most Monegasque of Monaco’s banks… how does it back this claim?
CMB Monaco is the only bank operating in Monaco that was created from scratch on Monegasque soil. We have a very strong local DNA, since our creation in 1976, we have operated as a private bank and above all as a Monegasque bank. We are therefore proud to be able to promote the excellence of our private banking offer within the Monegasque pavilion.
How important to Monaco as a whole is this exposition in Dubai?
A world exhibition is a great showcase for any country represented. We are a small country with a lot to offer and a first class education and health system that can attract HNWs and their families from all over the world. HSH Prince Albert II stressed during his visit that this event allows participants to take advantage of the exceptional opportunities offered by Expo 2020 Dubai to advance global development and build a more prosperous future for the planet. Given the health context we have been going through and the containment measures that had to be put in place in 2020, this exhibition was really special and the desire to collaborate, share, and exchange ideas was palpable when I visited the pavilion last week.
Will there be any durable connection between Monaco/CMB Monaco and Dubai once the expo is over?
We can already see great cooperation between the two countries; for instance on 13 November 2021, in the presence of HSH Prince Albert II, Mr Jean Castellini, Monaco’s Minister of Finance and Economy, and HE Mr Mohamed Bin Hadi Al Hussaini, the United Arab Emirates’ Minister of State for Financial Affairs, signed a bilateral tax agreement that seeks to eliminate double taxation of income and to prevent tax fraud and evasion.
As far as CMB Monaco is concerned, we have an unparalleled knowledge of the local fabric, and we are in a position to be the preferred banking partner for newcomers to the Principality. Our offer has been adapted to the needs of an international clientele wishing to settle in Monaco, and we have several bankers who have had professional experience in Dubai.
Francesco Grosoli was awarded the title Officier de l’Ordre de Saint-Charles in the National Day honours