Living in Monaco
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Financial activities are one of the five pillars of Monaco's economy, with almost 116 billion euros in deposits and securities as at 31 March 2017. The sector is thus in good health, providing the state with increasing revenues which, in tandem with a sensible spending policy, has led to a balanced budget, and even a surplus.
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Since 1992, ACI Monaco - The Financial Markets Association has been committed to promoting the founding values which it shares with its worldwide federation. It supports the development of social and business relationships for Monaco-based financial sector workers, and promotes training programmes, and the implementation of best practice for the profession. Through its actions, ACI contributes to the development of the banking and finance sectors in Monaco.
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The Association of Monegasque Financial Activities (AMAF) lies at the heart of the dynamics of the Principality's economy. The AMAF is essential to the development of the banking industry and oversees all the related institutions and companies.
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During a press conference this morning, Jean Castellini, Minister of Finance and Economy, gave an update on the 2016 fiscal year, as well as presenting once again the main aspects of the preliminary budget for 2017 and talking about the early results of the current year.
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Monaco Telecom launches the first gigabit class LTE commercial network for smartphones supporting this technology. Decisive step moving up to the 5G network, this launch ranks the operator as one of the most high-performant in the world.
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Intended to attract a wealthy clientele, Monaco Private Label (MPL) established in 2009, continues to expand led by Michel Bouquier. For Monaco, this luxury and tourism professional has built an international network of decision makers, businessmen and opinion leaders attracted by two key words: confidentiality and security.
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The collective management business has been growing in Monaco for several years, which is why the Monaco Association for Financial Activities (AMAF) invited around 150 investors and financial leaders in the Principality to a conference on the subject in October.
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The Chambre Immobilière de Monaco and CFM Indosuez Wealth Management are committing together to provide estate agents with a bank guarantee, which is mandatory when they hold funds, bills or securities for their customers. The guarantee only covers transactions carried out by estate agencies which are members of the Chambre Immobilière de Monaco as part of their work on "transactions on properties and tangible and intangible business assets" or "property management, administration of real property, and co-ownership property representative".
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After heading Credit Suisse Monaco for twelve years, since January 2015 Alain Ucari has managed Julius Baer Bank in Monaco. Meet him.
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Serge Pierryves, a Monegasque citizen born in Monaco in 1963, holds a degree in Marketing and Communications. He started his career in 1983 as a marketing assistant with Christian Lacroix SNC, where he was involved in launching the creator's own fashion house. He returned to Monaco in 1989 and joined the Tourist and Convention Authority, where he rose through the ranks to become the Assistant Director in 2002. In 2006, he transferred to the State Property Authority, once again as Assistant Director, before being appointed Housing Department Director in 2008. Serge Pierryves has been the Director of the Business Development Agency since December 2010. He was made a Knight of the Order of Saint-Charles in 2009. He told us about the role of the Business Development Agency.
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Son of a banker (his father managed Banque du Gothard in Lugano), Gianni Romano left Switzerland in the late 90s to open a management company in Monaco: Financial Strategy. He is its Chairman and for 12 years he was an Advisor on the AMAF Board.
