Italian investment bank Mediobanca has acquired the private banking activities of Italian banking group UniCredit in Monaco. Mediobanca made the acquisition through its Monaco-based private banking unit Compagnie Monegasque de Banque, it said in a statement. The deal will bring CMB €500 million ($726.6 million) in managed assets and over 1,600 clients. The operation is a further step in the consolidation of CMBs position on the Monaco market and follows the acquisition of the private banking operations of Dutchbank ABN Amro in November 2006. According to the statement, the operation will have no major impact on Mediobanca's net profits that will be announced in June. The deal will be completed before the end of March, Mediobanca said.