Other global banks including Citigroup Inc. and UBS Group AG have a presence in Monaco, while Goldman Sachs Group Inc. returned this year with a team of Barclays veterans.

“These big names are very welcome,” said Grosoli, an Italian native who has lived in Monaco since the 1970s. “The more the competitors we have on the market, the more the market progresses.”

This article was provided by Bloomberg News.

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