Banques privées

The withdrawal of economic support post-pandemic could cause a shock for Europe’s banks akin to the global financial and eurozone crises, reckons the ECB. How well prepared are Luxembourg’s banks for any potential future financial crisis?

Selon James Purcell (photo), responsable de la gestion durable au niveau du groupe chez Quintet Private Bank, la gestion durable devient de facto la norme pour tous les mandats de gestion discrétionnaire au sein du groupe. Il se présente comme un partisan des Principes pour l’investissement responsable (PRI) des Nations unies, mais limite délibérément le nombre d’initiatives auxquelles le groupe adhère afin de se concentrer au maximum sur l’expérience client.

European banks are focusing their innovation efforts on customer experience, a study by PwC Luxembourg has found. Though the study was conducted before the outbreak of the novel coronavirus, PwC’s Banking Industry Leader Roxane Haas believes Covid-19 will lead to a further acceleration of innovation in the field.

En 2019, pour la deuxième année consécutive, les banques privées européennes ont vu leurs bénéfices chuter, malgré une année boursière solide. D’après une étude conduite par McKinsey, la rentabilité souffre d’une combinaison de hausse des coûts et de clientèle qui ne se développe pas assez.

Private banks in Europe saw their profits decline in 2019, for the second year in a row, according to a study by McKinsey. Profitability is under pressure due to a combination of rising costs and lack of client growth.

According to the management consultancy, the study shows that private banks in Europe are confronted with structurally weak profit dynamics, growing dissatisfaction among clients and significant operational problems due to working from home.

The Canadian Imperial Bank of Commerce (CIBC) has moved its European headquarters from London to Luxembourg following Brexit.

The income of Degroof Petercam Luxembourg’s private banking division has not been dented by the coronavirus crisis. To the contrary, results have been ‘above expectations’ thanks to a sharp increase in trading revenue, says its head Kris De Souter in an interview with Investment Officer.

Quintet Private Bank is planning to merge its European subsidiaries into one business unit based in Luxembourg. Approval has been requested from local supervisory authorities.

Contrary to the predictions of some that the pandemic will see a pull-back from globalisation, Jurgen Vanhoenacker, who heads the Sales and Wealth Structuring teams at Lombard International Assurance in Luxembourg, sees no signs of a reduced appetite for clients to live cross-border lives.

Luxembourg-based Quintet Private Bank  has opened a branch in Zurich, Switzerland. The opening follows the acquisition of the local Bank am Bellevue, the asset management arm of Bellevue Group AG, and the approval of the transaction by the regulatory authorities.