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BANKS EEA

Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.
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  • MONACO

    Inhabitants - 30,510 (July 2011)

    Language - French (official), English, Italian, Monegasque

    Currency - EUR

    Religion - Roman Catholic 90% (official), other 10%

    Politics - The politics of Monaco have historically been under the autocratic control of the Prince of Monaco, and since its founding, the principality has been a monarchy ruled by the House of Grimaldi; however, with the creation of a Constitution in 1911, the Prince relinquished his autocratic rule and the principality became a constitutional monarchy. Though he remains the head of state, some of his former power is now devolved to several advisory and legislative bodies.

    Major industries - tourism, construction, small-scale industrial and consumer products.

  • Banks (2010) - 35 banks; 80 branches; 2,353 employees; assets – EUR 78,00 billion; loans – EUR 12,80 billion; deposits – EUR 24,00 billion

    Banking regulations - Monaco's banking system, which dominates the financial sector, is subjet to the same regulatory and supervisory arrangements as the French system, with the exception of AML/CFT arrangements. Legislation in force in France and regulations for credit institutions, including capital requirements, operations standards, prudential rations and deposit insurance, are laid down by the French CRBF.