More opportunities than challenges in Private Banking in Luxembourg

ABBL Published 22.11.2019

“Trust has a value, and reputation is a fragile thing”

These were the words of H.E. Pierre Gramegna in his key note address to the Annual General Meeting of the ABBL’s Private Banking Group (PBGL) on Tuesday evening.

Around 120 ABBL Members and guests were in attendance, to hear the Minister of Finance speak, to participate in a lively panel discussion, and to elect the PBGL Executive Committee for the new term (2019-21).

The evening was introduced by the Chairman of the PBGL, Pierre Etienne (Managing Director of Pictet & Cie (Luxembourg) S.A.), who talked the audience through the results of the latest ABBL/CSSF Private Banking survey figures.

Pierre Gramegna, Minister of Finance, spoke of the trust that the financial sector has in a country which offers a strong legal framework, a stable economy, an excellent AAA rating, and a proven willingness to invest in innovation and transformation to a sustainable economy. He also reminded the banking fraternity of their critical role in maintaining the reputation of Luxembourg, and the importance of our image to the rest of the world.

According to Mr. Gramegna, the only way forward for the financial sector is through sustainable finance and the appropriate use of technology in our business, as well as continued efforts towards a capital markets union to serve as a motor for economic growth.

Luxembourg the location of choice for European wealth

The host of the evening, Frank Krings (CEO of Deutsche Bank Luxembourg), then moderated an excellent panel, where the current and future state of private banking in Luxembourg were discussed. Key takeaways from Sandrine De Vuyst (Head of Private Banking, ING Luxembourg S.A.), Anthony Simcic (CEO of BOS Wealth Management Europe S.A.) and Falk Fischer (CEO of Julius Baer Europe S.A.) were the need to focus on generating revenues from private banking clients rather than concentrating on cost cutting; the importance of training and maintaining talent; and the absolute necessity to work together and collaborate in those areas of business where it is possible.

Fabio Mandorino of the ABBL then reviewed some of the PBGL highlights of 2019, particularly the co-operation with Luxembourg for Finance on missions in Madrid and Milan, and the work done on increasing the profile of the group in the press.

Camille Seillès of the ABBL reported on the cooperation between the CSSF and the PBGL in the field of AML and concluded the session with the formalities, which included voting in the new PBGL Executive Council.

The new Executive Council will meet shortly to elect the new Chair of the PBGL and up to two vice-Chairs.

The evening concluded with a networking dinner in the wonderful atrium of Deutsche Bank.

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