LG 177
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“<br />
believe,<br />
Contrary to popular<br />
Luxembourg’s<br />
success in private banking<br />
is not built on banking<br />
secrecy, but on the quality<br />
of its services and the<br />
high level of cross-border<br />
expertise on offer<br />
”<br />
Yves Maas<br />
clients. For instance, Luxembourg is today home<br />
to the major Chinese banks who have set up<br />
their European headquarters in Luxembourg.<br />
Locating in the Grand Duchy enables them to<br />
leverage the EU passportin order to branch out<br />
and accompany their corporate clients throughout<br />
the single European market.<br />
Many non-EU banks, including Swiss banks,<br />
also consolidate their cash pooling and euro<br />
treasury in Luxembourg. They can thus leverage<br />
their Luxembourg entity as an interface<br />
into the European Central Bank system.<br />
Finally, banks in Luxembourg have access to<br />
the services of a comprehensive financial<br />
centre ecosystem that includes essential market<br />
infrastructures, such as the Luxembourg<br />
Stock Exchange and post-trade service providers<br />
such as Clearstream, family offices,<br />
insurance companies, lawyers, tax experts,<br />
consultants, auditors, accountants as well as<br />
aunique regulatory framework that allows<br />
banks to outsource IT and operational processes<br />
to service providers that are fully<br />
regulated by the financial sector supervisor.<br />
Whether in private banking, fund services or<br />
corporate finance, Luxembourg is the ideal<br />
location for banks to set up a pan-European<br />
hub to offer financial products and services<br />
on a cross-border basis. By Yves Maas<br />
Communiqué par Luxembourg for Finance<br />
<strong>LG</strong> - Juin 2015<br />
15
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