Luxembourg

Welcome to the KPMG Private Banking site

The world of finance has changed in recent years due to the financial crisis and the subsequent increased focus of regulators. These shifts in the financial environment have created substantial changes for the Wealth Management industry. On the one hand, this situation provides business opportunities for Luxembourg Private Banking specialists. On the other hand, amendments to the regulatory and fiscal rules contribute to a change in the geographical organization of Private Banking. In this changing environment, Luxembourg private banks can seize the opportunities offered to export their experience and services to clients abroad in a more coordinated and transparent manner.

A growing number of country manuals has been developed to assist customer relationships manager (CRMs) as they deliver services and build client relationships in today's challenging market environment. To date KPMG has produced over 40 manuals covering the countries as shown on the map.

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The Private Banking Group within the Luxembourg Bankers' Association (ABBL) has several times, and again recently, discussed the issue of crossborder rules to be respected by Luxembourg Private Bankers in the home country of an existing or targeted private investor. The PBGL Executive Board believes that recent political evolutions have triggered the necessity to have a new look into the subject; even for countries within the EU for which Luxembourg banks have an authorization under the second banking directive ("free provision of services"). ABBL and KPMG are working together to fit the needs of a multitude of banks, while nonetheless being tailor made to specific activities, places of service, products and countries.

Cross Border Banking under FPSBanks established within the European Union (EU) are allowed to operate in other countries of the EU under the principle of Freedom of Provision of Services (FPS). There are however, a number of local considerations to be taken into account by a Bank or its employees when selling their products in other EU countries under the FPS operating model. and Non-FPSBanks are also allowed to operate outside of the EU and therefore not under the Freedom of Provision of Services (FPS) principle. A number of local considerations have also to be taken into account by a Bank or its employees when selling their products in other non-EU countries under the non-FPS operating model. can be seen as the provision of banking services which incorporated the following :

  • The Client Relationship Manager (CRM) crosses the border
  • The client crosses the border
  • The services of the bank cross the border
  • Banking services are offered via a representative or branch office abroad


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Contacts

Stanislas
Chambourdon

Partner
+352 225151-6206
stanislas.chambourdon   
@kpmg.lu