ABBL CEO Jerry Grbic: ‘Luxembourg’s financial sector stands firm, ensuring fairness and stability.’

In a recent interview with the Luxembourg Times, Jerry Grbic, CEO of the ABBL, highlighted the resilience of Luxembourg banks and businesses in the face of economic turbulence. Mr Grbic stressed the vital role of banks in promoting a stable economic environment while respecting ethical standards.

Meeting economic challenges

Jerry Grbic highlighted the economic difficulties encountered since the 2008 financial crisis, exacerbated by subsequent crises, including the pandemic and geopolitical tensions. Despite these obstacles, Luxembourg banks have continued to support the economy.

Supporting healthy businesses

Jerry Grbic stressed the importance of responsible banking, saying: ‘Weak companies will suffer’. He stressed the responsibility of banks not to support non-performing companies, in order to ensure the health of the economy as a whole.

Luxembourg banks have adopted a cautious approach, focusing on customer selection and proactive measures to mitigate financial risks. Banks do not profit at the expense of their customers, and they maintain the integrity of their operations.

Encouraging growth

Jerry Grbic acknowledged the challenges facing businesses, particularly SMEs, and stressed the need to stimulate demand to facilitate the flow of capital. He was optimistic about the potential for growth, thanks in particular to the support measures taken by the government.

While acknowledging the recent rise in profits, Mr Grbic warned of potential challenges ahead, including the fall in long-term interest rates. He stressed the importance of prudent financial management and cautious optimism on the part of banking institutions.

As pillars of the economy, Luxembourg banks play a crucial role in promoting sustainable growth and a resilient economic environment. Jerry Grbic’s advocacy of responsible banking underlines the commitment of the ABBL and its members to ethical standards and to supporting economic prosperity.

Read the ABBL Annual Report 2023