Compagnie Monégasque de Banque (CMB) Chairman Jean-Luc Biamonti believes the Principality’s stability and security are becoming increasingly attractive as geopolitical and economic uncertainty intensifies around the world…
Speaking to Monaco Info as CMB celebrates its 50th anniversary, Biamonti highlighted the wars in Ukraine and the Middle East, rising government debt and pressure on global interest rates as major challenges facing financial markets.
He also pointed to growing competition for capital as governments borrow heavily whilst technology giants invest vast sums in data centres, warning that the resulting demand for financing could keep interest rates higher than expected.
Against that backdrop, Biamonti believes Monaco is well positioned. International instability has traditionally attracted people seeking security, he said, describing the Principality’s political continuity, safety and quality of life as significant strengths.
Biamonti, who became CMB Chairman in April, also gave an upbeat assessment of the bank as it marks half a century in business.
With around 265 employees, he praised the quality and team spirit of its workforce under CEO Francesco Grosoli.
He said one particular advantage is that lending decisions are made locally by specialists who understand Monaco’s economy, allowing CMB to respond quickly rather than referring decisions to headquarters in Paris, Zurich or London.