The new chief has worked at a number of European private banks.

Monaco-based private bank Compagnie Monégasque de Banque, aka CMB, has appointed industry figure Francesco Grosoli as its chief executive. He takes over from Werner Peyer, who had been in the post from 2010. Peyer is continuing to work at the private bank as a non-executive vice president.

Grosoli is an Italian citizen with consolidated international experience in private banking in outstanding institutions such as Barclays, HSBC, and BSI. Grosoli has lived in Monaco and was head of HSBC Private Banking until 2007. At Barclays he held positions of increasing responsibility, having most recently served as CEO of Barclays Private Bank EMEA and Monaco.

“The appointment of Mr Grosoli is intended to promote significant growth by CMB, leveraging on synergies with the Mediobanca CIB division and AM platform as part of the increasing importance of wealth management activities within the group as a whole,” CMB said in a statement. 

Just under three years ago, after the June 2016 Brexit referendum result, CMB Wealth Management put its plans for UK expansion on hold amid uncertainties.