Degroof Petercam net profit down 26% as taxes, one-off costs bite

Degroof Petercam, Belgium’s largest private bank with a significant presence in Luxembourg, on Wednesday posted a double-digit decline in its full year net profit because of one-time costs related to sale of a majority stake to France’s Credit Agricole group and due to higher tax pressure.

Addressing its business performance, the firm said its private banking business improved due to higher interest rates, while its asset management activities faced a decline in revenues. 

AML efforts stymied by lack of qualified staff, PwC finds

Despite constant new regulations and sophisticated technology, one of the main reasons why money-launderers and terrorism financiers continue to succeed is a simple lack of qualified personnel able to make effective use of such tools, according to a recent survey carried out in the Europe, Middle East and Africa (EMEA) region by global accounting firm PwC.

Oddo BHF’s Eltif2 fund targets energy storage, water treatment

Paris-based Oddo BHF Asset Management has announced the launch its first European Long-Term Investment Fund. The fund is called the Oddo BHF Commit for Tomorrow Eltif and will be domiciled in Luxembourg, targeting clients keen to commit to long-term financing companies that provide energy storage and water treatment solutions.