On 26 February 2020, the ABBL industry cluster dedicated to Corporate Finance, Capital Markets and Cash Management held its annual members’ meeting in presence of the ABBL President, Guy Hoffmann, and the Chief Executive Officer of the European Banking Federation (EBF), Wim Mijs. The latter updated the members on the state of the European Capital Markets Union (CMU), a pivotal motor for economic growth in the EU. He further outlined key challenges and priorities on the path of completing the CMU such as insolvency law and withholding tax harmonisation,.
Frank Krings, Chairman of the C3 Cluster and host of the event, recalled the continued transformation of the cluster over the past two years. In this context, he emphasised the the importance of trusted partnerships locally and abroad, allowing to harness strengths and abilities from different corners of the Luxembourg financial ecosystem. Such partnerships are key in solving complex challenges but also in identifying commercial opportunities and driving innovation.
Yves Maas, ABBL CEO, outlined the ongoing transformation program of the banking association, thereby focusing on the need to ensure the association meet and exceed the ever changing expectations of its members.
(left to right: Yves Maas, Guy Hoffmann, Philippe von Restoff, Frank Krings, Joerg Ackermann)
Philipp von Restorff, Luxembourg for Finance (LFF) Deputy-CEO, led an animated debate with the audience about the importance of reputation and image of Luxembourg to the rest of the word and gave a clear overview on the financial center’s ambitions for 2025: shaping a sustainable future, around 6 main pillars:
- at the heart of Europe
- complementarity to other EU centres
- leading on sustainability
- pushing innovation
- responsible governance
- human dimension
Joerg Ackermann, Partner PwC Luxembourg, summarised last year’s inaugural sustainable finance study. Building on this success, he outlined the 2020 market intelligence project of the C3 Cluster, an inaugural Luxembourg Corporate Banking Study: ABBL, in partnership with the CSSF and PwC, will carry out a market study to investigate the current status of Corporate Banking in Luxembourg, to establish dependable market intelligence.
Concluding the event, C3 members elected the cluster’s new executive council for the 2020-2022 term. Its current Chairman, Frank Krings (Deutsche Bank) was re-elected for a second two year term. Niccolo Polli (HSBC) and Romain Wehles (BCEE) were elected as new as Vice-Chairmen, thereby fostering the continued internationalisation and cross-geographic representation in the cluster’s leadership.
The evening closed with a networking cocktail at the PwC Luxembourg Academy.