BIL

Banque Internationale à Luxembourg (BIL), a Chinese-owned systemic bank in Luxembourg, on Monday posted a robust financial performance for the first half, revealing a net profit of 103 million euro, up from 68 million in the same period a year earlier. The bank attributed  the surge to the current global financial environment characterized by central banks hiking interest rates to combat soaring inflation levels. Clients deposits have fallen 6.8% during the first half.

The BCEE, one of Luxembourg’s main domestic banks and commonly known as the Spuerkees, credited rising interest rates as playing a key role in increasing its increased banking income portion of its overall annual report for the year ending in 2022 through over 20% increase to its interest margin. According to a bank press release, this was also due to an increase in lending activities. 

Laurent Cooreman on Monday was appointed as chief executive officer at Belair House, the real-estate focused family office unit of Banque Internationale à Luxembourg, also known as BIL.

The latest round of greenwashing allegations targets Luxembourg’s banks and their investment funds. Greenpeace, presenting a mystery shopping survey, now claims Luxembourg’s financial centre is “guilty of greenwashing”.  Bank sector group ABBL challenges Greenpeace’s approach. Meanwhile, UN secretary-general Antonio Guterres has fiercely condemned private sector behaviour that uses “bogus net-zero pledges”.

Despite the profound economic shock that continues to play out, investors in private assets appear to be quietly confident that this is a major but temporary setback. Two players in Luxembourg’s financial sector share this cautious optimism as they see investors taking a long-term view.

Luxembourg’s recruiters have spoken about a war for talent for decades. Higher pay is the main attraction of the Grand Duchy for foreign workers, but housing costs and traffic congestion are growing out of hand. Is the country starting to lose the fight?