The office in the principality will employ 10 private bankers.

Pictet is opening a branch in Monaco where it will employ 10 private bankers to work in the principality, led by former senior Julius Baer figure Alain Ucari.

The Geneva-based firm said it was pushing ahead with the brand in response to growing demand from international clients. 

Ucari, the office head, who was previously chairman of the board of Julius Baer in Monaco, has spent most of his career with Credit Suisse, heading its Monaco branch from 2002 to 2014. 

"In recent years and owing, in particular, to its legal and regulatory stability, the Principality has become a financial centre of choice for high net worth individuals, entrepreneurs and families. We believe that Monaco offers tremendous opportunities to establish long-term relationships with clients seeking tailored services, with a focus on the human touch and independent advice,” Renaud de Planta, senior partner at Pictet, said. 

The branch has received the approval of all competent authorities, including the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in Paris and the Commission de Contrôle des Activités Financières (CCAF) in Monaco, the regulatory authorities responsible for its supervision.

From a legal point of view, the new banking branch is affiliated to Pictet & Cie (Europe) SA, the Group’s bank in Luxembourg.

Monaco appears to be rising in prominence as a European international financial centre. This publication recently interviewed the chief executive of major local banking group CMB, Francesco Grosoli. CMB, which stands for Compagnie Monégasque de Banque, is revamping its brand and launching a new identity.