An international center for banking

ECONOMIC growth and political and social stability have been reflected in the considerable development of Monaco’s banking and financial services industry in recent years.

Monaco is home to almost fifty banks—equivalent to around one for every 640 people who live there. The sector includes branches of French banks, such as Credit Lyonnais and BNP Paribas, and major foreign institutions, like American Express, ABN Amro, Barclays, Lloyds TSB, and Banco di Roma.

The banks have been joined by a rising number of finance and asset management companies—often part of international financial groups—and the total deposit base has swelled to around $65 billion.
More recently, commercial and retail banking services have grown substantially— notably in real-estate lending and shipping—but private individuals still comprise the banks’ main customers. These days many of them live outside the Principality—around 90 percent of accounts are held by non-residents.

Monaco’s financial sector maintains its international reputation through a combination of high performance, strong management, and confidentiality.
Product diversification has attracted additional business, with highly-developed services available for portfolio management, currency trading, stocks, bonds, and estate planning.

Integration into the French monetary, customs and banking system is a distinct advantage, enabling easy movement of funds. French banking law provides the basis of much of the legal basis of banking in the Principality.
The government has strengthened the integrity of the sector by actively combatting crime and money laundering.