Sergey Vakula, Owner, SERGAN Management sarl (dal profilo Linkedin)
In discussing the issue of Credit Suisse’s Monaco subsidiary sale, which has now received public confirmation (Reuters, Bloomberg), the journalists touched upon an interesting question which can be formulated as “why Monaco has never become a financial marketplace it should have been expected to be”, with major private Swiss banks not being present at all and some major international banks musing about exiting…
The hypothesis of assets being untaxed does not really stand ground as banking in Monaco is regulated by the Bank of France, and the KYC and compliance procedures followed by French, Swiss, UK and other banks are not less rigorous than their domestic counterparts.
But if you consider the global wealth of Monaco residents and compare it to the public statistical data of its financial performance, you may start wondering why almost 100 financial institutions with several thousand employees attracted only a little bit more than 100 billion dollars/euros in AUM