Banking challenges ahead for Monaco
Lloyds TSB International Monaco sponsors dinner debate. The banking sector in Monaco is flourishing, but there are challenges ahead to ensure growth into the next decade. This was the message at a dinner organized by the Jeune Chambre Économique (JCE - Young Chamber of Commerce), in partnership with Association Monégasque de Banques (AMB) and sponsored by Lloyds TSB International Private Banking, Monaco.
In his talk, Pierre de Pellegars, AMB’s Vice-President of banking regulation and market development, emphasised the key elements for the future which are: to ensure security and confidentiality; to continue the battle against money laundering; and to nurture young talent. Among those present was Henri Fissore, advisor to the government on Exterior Affairs. Bassem Kamar, Economics Professor Fond Monétaire International, SEM Jean Castellini, advisor to the Prince’s Cabinet, and Dominic Voisin, Director of Lloyds TSB International Private Banking Monaco. Bank sector statistics AMB has 71 members, of which 41 are banks and 30 asset management companies. In total they employ around 2,700 people. Assets under management in the Principality amount to some 69.7 billion euros.