Pictet has opened a banking branch in Monaco focused on serving private clients domiciled in the jurisdiction.

Led by Alain Ucari, the banking branch will have 10 senior private bankers. Until recently, Mr Ucari was chairman of the board of Julius Baer in Monaco. The majority of his career has been spent with Credit Suisse, having led its Monaco branch from 2002 to 2014.

The branch has received the necessary approvals, including those of 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 responsi...