Below you will find details about the Monaco banking system, and on opening a Monaco offshore bank account. We cover all aspects of the laws and regulations that govern the banking system, as well as provide a list of local and international banks that operate.
Monaco’s banking sector dates back to the end of the nineteenth century, when the first deposit banks opened in the Principality. Most of these banks were French.
The banking industry was very slow to develop and did not really take off until the 1970s, when expansion was stimulated by an imaginative and active policy on the part of public authorities and by the effect of a long period of economic growth and political and social stability.
Today, Monaco has a very extensive banking network, comprising 43 credit institutions, divided between various categories:
The total asset base amounts to nearly EUR 60 billion, of which 70% are non-resident funds.
Monegasque financial institutions now employ nearly 2200 people, an increase of more than 40% over the past ten years. Almost all work for major leading banking groups.
As a result of various agreements between France and Monaco, French banking law is applied in the Principality. Monegasque banks are therefore subject to the same rules of prudence and supervision as French banks. All supervisory activities are, of course, strictly regulated, which guarantees the confidentiality of transactions carried out by financial institutions in Monaco.
Monaco’s banks offer both commercial and retail banking services, although many of them have focused increasingly on private banking and wealth management in response to the Principality’s specific features and the expectations of a sophisticated international clientele.
This trend has been encouraged by the recent arrival of a large number of portfolio management companies wishing to take advantage of Monegasque legislation regulating their business (law no. 1.194 of July 9, 1997, as completed by law no. 1.241 of July 3, 2001).
Monaco’s banking sector faces the future with confidence and is preparing for a new phase of growth driven by its own critical mass, in addition to opportunities created by increased competences and European consolidation.
Some of the banks operating in Monaco include:
To see our available offshore bank account jurisdictions we can assist you with, view our Bank Account Opening section.
For further information regarding offshore banking and account opening, Contact Us today.