Compagnie Monégasque de Banque (CMB), a Monaco-based private bank owned by Italy’s Mediobanca, has named Francesco Grosoli as its new CEO.

Grosoli will take on the new responsibility on 15 May 2019.

He succeeds Werner Peyer, who has been at the helm of CMB since 2010.

Peyer will remain as a non-executive vice president at CMB.

Grosoli has spent three decades in the private banking industry.

He formerly worked as the CEO of Barclays Private Bank EMEA and Monaco.

He also led HSBC Private Banking and had a stint at BSI.

Referring to Grosoli, Mediobanca CEO Alberto Nagel said: “His experience, gained at the highest echelons of leading financial institutions, and his indepth knowledge of international markets and Monaco in particular, will be a growth factor for CMB and a precious resource for all our clients.

“The strength of the Mediobanca Group in terms of capital, the Alternative Asset Management platform that we are successfully developing at the European level and the Corporate & Investment Banking services that have always been Mediobanca’s core business, I am sure will allow CMB to make its offering of high-end private banking services even more distinctive.”

CMB was set up in 1976. The bank provides private banking, investment management as well as financing services.