ABBL

Over 160 people attended the conference "Private Banking 2020" organized by the ABBL’s Private Banking Group, Luxembourg (PBGL) on 8 December 2011. Luc Rodesch, Head of the PBGL, opened the event by providing an overview of the private banking landscape in Luxembourg from a legal and regulatory point of view. Regarding the future of private banking activities in Luxembourg, Luc Rodesch remains rather confident.
 
Faced with the ongoing rapid evolution of the sector, Luxembourg private banks remain positive in their outlook. While they may have different individual strategies, Luxembourg banks can rely on a wide range of solutions to meet future challenges and opportunities.

Luc Frieden, Minister of Finance, was the keynote speaker of the evening. Minister Frieden drew up a "portrait" of the financial crisis and its consequences for our financial centre. Even if the perspectives for Luxembourg’s economy in the short term are not entirely favourable, he is convinced that our private banking activities will continue to provide high added value for the financial centre in Luxembourg.

In the following round table, panellists gave their views on global trends and developments affecting ultra high net worth clients banking in Luxembourg. The members of the panel tried to imagine what the Luxembourg Private Banking landscape will look like by 2020.
 
All panellists seemed to agree that Luxembourg private bankers will continue to assist their entrepreneurial clients in developing their international projects. Indeed, this type of financially astute clientele relies on expert advice as well as on the cross-border expertise that Luxembourg wealth managers have built up over decades.
 
A demanding and sophisticated international clientele needs the best service possible. Investing in training staff to the highest level and keeping up to date with regulatory and fiscal developments will be essential to retaining this type of clientele and to attracting new clients.
 
Over the next few years, the private banking industry will most likely experience a good degree of consolidation, with banks having to implement increasingly costly regulation and to adapt their business models to the new realities of a post-crisis economic landscape.
 
Speakers of the roundtable:
 

• Mr Dirk ADRIAENSSENS - Head Private Banking & Retail Banking - ING Luxembourg S.A. and Vice-Head Private Banking Group, Luxembourg
• Mr Christian FUNKE - Managing Director Private Wealth Management at Deutsche Bank Luxembourg S.A.
• Mr Roger HARTMANN - CEO, VP Bank Group Liechtenstein
• Mr Claudio BACCELI - Managing Director, Private Banking, Société Générale Bank & Trust
• Moderation: Mr Etienne HIRSCH - Executive Director, Ernst & Young Luxembourg

(Source: ABBL)