Guy Hoffmann elected Chairman of the ABBL

ABBL Published 20.04.2018

Guy Hoffmann, CEO of the Luxembourg cooperative bank Raiffeisen, was elected Chairman by the members of the ABBL on the occasion of its General Assembly held on 20 April 2018. Yves Maas, outgoing President, was elected Vice-Chairman of the ABBL.

At the press conference following the General Assembly, Mr Hoffmann shared the current priorities of the ABBL and its members. The banking sector is changing, due to the digital transformation and the increasingly important banking regulations.

ABBL’s Priorities

The first consolidated results of 2017 show that the trend of increasing costs continues. Staff costs increased by 1.5% and general administrative expenses by 4.9%, primarily related to the regulation and digitization of the sector. The growth of the main sources of revenue, the interest margin (+ 3.4%) and the net commission income (+ 2.7%) did not absorb the fall in other net income (-35%). The banking income fell by 6.3%. According to ABBL estimates, taking into account a level of provisions and taxes similar to 2016, the net result would be down by around 20%.

While pointing out that the impact of the regulation and the related costs jeopardize the profitability of the sector, the new Chairman of the ABBL nevertheless ensures that the Luxembourg banks, thanks to their very solid solvency, will continue to finance the economy as they have always done.

All these challenges lead to a massive transformation of the sector. Each bank will have its organization and procedures impacted, and this will undoubtedly have repercussions on banking employment. This is why the ABBL expects a slowdown in job creation in the banking sector in the coming years.

For the ABBL, the employability of bank employees is one of its priorities. Mr. Hoffmann said:

“We are currently negotiating a new collective agreement that takes into account recent and future developments, and an agreement between the unions and the ABBL would be a first step in the right direction. It will enable employees to perfect their knowledge, acquire new skills and reorient themselves, and the ABBL welcomes a closer cooperation with the House of Training.”

Another concern for banks in a time of digital transformation is to ensure the integrity of the financial system. The ABBL calls for all financial service providers to be equally regulated and supervised. Guy Hoffmann states:

“The same services and the same risks must be subject to the same rules and supervision. The preservation of the financial system as well as the protection of the client of the financial services are essential for its proper functioning.”

New ABBL Board of Directors

Chairman : Mr Guy HOFFMANN (Banque Raiffeisen)

Vice-Chairman: Mr Yves MAAS (Credit Suisse (Luxembourg) S.A.)

  • Mr Pierre AHLBORN (Banque de Luxembourg)
  • Mr Ferdinando ANGELETTI (Intesa Sanpaolo Bank Luxembourg S.A.)
  • Mrs Alberta BRUSI (Citibank Europe plc, Luxembourg Branch)
  • Mr Stanislas CHAMBOURDON (KPMG Luxembourg)
  • Mr Olivier CHATAIN (CA Indosuez Wealth (Europe))
  • Mr David CLAUS (The Bank of New York Mellon S.A. / N. V.)
  • Mr Sébastien DANLOY (RBC Investor Services Bank S.A.)
  • Mrs Véronique DE LA BACHELERIE (Société Générale Bank & Trust)
  • Mr Hugues DELCOURT (Banque Internationale à Luxembourg S.A.)
  • Mrs Colette DIERICK (ING Luxembourg)
  • Mr Pierre ETIENNE (Pictet & Cie (Europe) S.A.)
  • Mr André HOFFMANN (Elvinger Hoss & Prussen)
  • Mr Frank KRINGS (Deutsche Bank Luxembourg S.A.)
  • Mr Flemming LAURIDSEN (Nordea Bank S.A.)
  • Mr Lars REJDING (HSBC Bank Plc, Luxembourg Branch)
  • Mr Robert SCHARFE (Bourse de Luxembourg)
  • Dr Stefan SCHWAB (DZ PRIVATBANK S.A.)
  • Mr Philippe SEYLL (Clearstream Banking)
  • Mr Carlo THILL (BGL BNP Paribas S.A.)
  • Mrs Françoise THOMA (Banque et Caisse d’Epargne de l’Etat, Luxembourg)
  • Mr Peter VANDEKERCKHOVE (KBL European Private Bankers S.A.)

Online photo gallery

Check out the photo gallery of our General Assembly.

 

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