- Servicing excellence based on constant innovation in suitable and appropriate structures as well as evolving client needs;
- Dedication to serving the upper segments of international clients with multi-jurisdictional interests;
- Increasing responsibilities in international private banking development within banking groups to which Luxembourg private bankers belong, as well as contribution to the definition of new standards that regulate the profession.
The key to success lies in being supportive of the needs and challenges of the private banking industry in Luxembourg, via training, opinion building, working groups, position papers and other tools.
Founded in 2007, the Private Banking Group’s aim is to:
- Group together members of the ABBL who are active in private banking, to represent, within the ABBL, the specific interests of this category and defining, as part of the general policy pursued by the association, the initiatives and actions to be taken in the interest, and for the defence and promotion, of the activities of operators in private banking
- Enhance the qualifications and professionalism of members active in private banking by promoting standards, practices, ethical and deontological norms
- Link with relevant actors that may support its goals in and out of Luxembourg
- Develop training appropriate to the profession.
Working with key association partners within the ABBL, the PBGL strives to promote private banking industry positions on key banking developments and issues within Luxembourg and internationally, such as client privacy, international mobility for clients and the future of private banking in a fast-changing market and regulatory environment.
The current Head of the PBGL is Mr. Pierre Etienne (Pictet & Cie (Europe) S.A.) and its Vice-Heads are Mr. François Dacquin (BGL BNP Paribas) and Patrick Wagenaar (Banque Degroof Luxembourg S.A.).
Working Groups are an important element in ensuring sound governance and service on the part of the PBGL. As a result, the Cluster created ad hoc working groups to temporarily focus on some issues, and undertake in-depth analyses and reviews. Current active working groups are:
- Working Group ‘Promotion’: defining a strategy on how Private Banking “made in Luxembourg” can be put on the map for our target customers and markets; analyzing the appropriate communication channels for the Private Banking targets (roadshows, conferences, brochures, social media); supporting LFF activities in promoting Luxembourg worldwide; expanding the product offering for Luxembourg at international level (fondation patrimoniale, Renmimbi products, Islamic finance…),
- Working Group ‘Training’: re-examining current training offers for qualified private banking professionals who need to adapt to the fast changing business environment in the financial services industry and who wish to continue their education; exploring ways to facilitate, improve and coordinate the offering across the various partners (e.g. IFBL, University),
- Working Group ‘Statistics & Business Intelligence’: producing a series of statistics and market research papers that could be used by private banks for understanding their market positioning, competition analysis, client breakdown analysis, anticipating future trends (markets and clients) and gaining a better understanding of international competition.
The PBGL also actively interacts with the Luxembourg Stock Exchange, ICMA, Luxembourg Freeport, University of Luxembourg and Luxembourg School of Finance, Luxembourg for Finance, etc.
ICMA charter of quality
The ICMA Private Wealth Management Charter of Quality brings together in a single document the guiding principles of best practice adopted by the cross-border private banking industry.The Charter is designed to be consistent with relevant regulation at both the EU and national level, and to complement principles such as the Wolfsberg Principles on anti-money laundering and the global recommendations of the Financial Action Task Force. This is the first initiative of its kind where the private wealth management industry has joined together voluntarily to commit to common standards of quality, compliance and good market practice as set out in the Charter.