Events 28 April 2010

Private Banking in Luxembourg - The Pressures and the Future

General Information

Event date :

28 April 2010

Governments around the world need to raise more tax revenue to reduce their budget deficits caused by the economic crisis.  President Obama has waged war on offshore financial centres and the UK, France and Germany have followed.  Through the OECD, pressure has been put on all jurisdictions, especially those that are seen as financial centres, to cooperate with tax authorities to provide information on identified non-residents through revised double taxation agreements in compliance with the OECD standards.

The European Commission has issued a draft revised Savings Directive which will close nearly all the loop holes that were left open in the old one and insist on automatic exchange of information between European Union countries, Belgium has already given way.  The only European countries left with "Banking Confidentiality" (as Minister Luc Frieden calls it) are Luxembourg and Austria.  Switzerland and the Channel Islands still hold onto their right to withhold tax at source, which will increase to 35% from July 1st, 2011.

With all this going on, the Luxembourg private banking business has come under enormous pressure. Private banking in Luxembourg has built a solid reputation over the last 30 years but has to evolve with the market forces.  What will the private banking service be offering in the future.

We have three eminent speakers from Luxembourg who will be speaking for 20 minutes each as follows:

Georges Bock, KPMG, Partner in charge of Tax, speaking on: "The current tax and regulatory threats to the Luxembourg Private Banking sector."

Dirk Adriaenssens, General Manager, Retail & Private Banking, ING Luxembourg S.A. and

Claude Marx, Deputy CEO of HSBC Private Bank (Luxembourg) SA  speaking on: "What is happening in the Private Banking sector now and how will it change in the future?."

After the Speakers there will be a Q&A session wih the audience.  

To close the evening, a buffet dinner will be served and as always, the opportunity to meet and discuss with your fellow Chamber Members and attendees. 


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Association des Banques et Banquiers, Luxembourg
12, rue Erasme | L-1468 Luxembourg
Tél.: (+352) 46 36 601 | Fax: (+352) 46 09 21
Heures d'ouverture:
Du Lundi au vendredi de 8h00 à 17h30

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