Compagnie Monegasque de Banque (CMB), a private bank based in Monaco, is launching a new wealth management business in London to cater for High Net Worth (HNW) clients, specifically targeting UK resident with the non-domiciled status.

CMB Monaco is a subsidiary of Italian investment bank Mediobanca.

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The new business will be branded as CMB Wealth Management, and, subject to the FCA’s licence approval, it will offer wealth management and mortgage advisory services.

Werner Peyer, CEO of CMB said: "This is a project that CMB has been planning for some time together with Mediobanca. We believe that combining the skills of CMB and Mediobanca will allow us to create a wealth management business in London that will be compelling to Europeans and other nationals with a base in London – a client base we already know well in Monaco."

Before joining CMB in 2010, Peyer has formerly been head of private banking and a member of the board of Coutts & Co. in London.

Stefano Marsaglia, the London-based executive chairman of corporate and investment banking at Mediobanca will be a director of CMB Wealth Management.

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According to the firm, two members of staff have already been recruited: Julian Soper, UK Representative, formerly investment director at Coutts, and Savio Figueredo, deputy UK Representative, formerly director at Barclays Wealth & Investment Management. They will move across to CMB Wealth Management once the licence has been obtained.

CMB Wealth Management will be co-located with Mediobanca’s office in Belgravia, London, already home to over 110 Mediobanca employees.