Banking

The Luxembourg financial centre has expanded in the last 50 years to become an international hub for Banking and Asset Management activities.

Luxembourg's financial services centre is unique. With its unparalleled range of services, financial infrastructure and expertise, Luxembourg is a hub for banks.

As at the end of 2017, the Luxembourg banking sector comprised 139 credit institutions from 28 different countries and employed 25,942 people. Despite the low level of interest rates that hit global financial markets, and an increasingly complex regulatory environment, the Luxembourg banking sector has been resilient. The banking sector's balance sheet totalled EUR 751.9 billion in December 2017. For the year 2017, the CSSF estimated the result before provisions at EUR 5,345 million.

At PwC Luxembourg, nearly 3,000 professionals from different lines of services can work seamlessly on complex and international deals. We aim at providing our clients with innovative and creative solutions and will not stop working on your projects until we reach the best possible outcome.

With 17 partners leading more than 286 banking sector professionals, PwC Luxembourg has unparalleled experience in assisting banks in their daily activities. Whatever your requirements, our dedicated audit, tax and consulting teams have the necessary experience to guide you through the realms of the Luxembourgish market as well as local and European regulations and will make achieving your goals their number one priority.

The digitisation wave is hitting the world at full speed and the financial sector is no exception. New technologies are completely reshaping the way traditional banking players operate, whether in terms of how they interact with their customers or the way they deal with new regulations or IT issues for instance. This is only the beginning. We expect digitisation to remain one of the top priorities for the Luxembourg financial centre, and many others, for the next five years. Luxembourg is looking to position its financial industry as a leader in digital financial services. Many banks have already started their transformation and more will follow suit in the coming months.

One other crucial element that banks and other financial sector players need to keep in mind to make their transformation a success is the workforce. With the increasing use of new technologies in day-to-day business activities, new skills will need to be considered for the future workforce, especially STEM skills (science, technology, engineering and maths), but also soft ones such as creativity and leadership. On the other hand, some members of the current workforce will need additional training while others will need to be fully retrained. Times are changing and so is the workforce!

At PwC Luxembourg, we are ready to help you transition smoothly from your old operating model to a brand new one. Our experts can help you see more clearly through the many opportunities brought by the digitisation era and they can assist you in choosing the best way forward for your business.

Our Services

Assurance

The internal audit function and external audit are two mandatory requirements applicable to Luxembourg banks.

Discover more

Tax

PwC is the global market leader for tax services. In Luxembourg, we employ around 660 professionals in our Tax service to assist businesses, individuals and organisations with tax strategy, planning and compliance.

Discover more

Advisory

With over 50 years of experience in the Luxembourg market, solid credentials and a team of over 400 people combining deep industry knowledge and professional experience, we’ll help you take your business to the next level.

Discover more

Publications

News

Flash News - The transposition of Payment Services Directive (PSD2) into Luxembourg law

The Luxembourg law of 20 July 2018 transposes the Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC - Payment Services Directive (PSD2).

Start adding items to your reading lists:
or
Save this item to:
This item has been saved to your reading list.

2018 : grand virage pour les banques ?

Cela ne se discute plus : le secteur bancaire est en pleine transformation. Les récentes réglementations telles que PSD2 mais également l’arrivée fracassante de nouveaux acteurs sur le marché comme les Fintech, GAFA et néo-banques poussent les banques traditionnelles à réinventer le modèle qui a fait leur succès.

Start adding items to your reading lists:
or
Save this item to:
This item has been saved to your reading list.

EMIR: The European Supervisory Authorities issued an amending draft RTS related to the margining of FX forwards with physical settlement

The European Supervisory Authorities (ESAs) issued an amended draft RTS aiming to soften the obligation of variation margins on physically settled FX Forward contracts, where at least one of the counterparties is a non-institution firm (e.g. investment fund), as defined by the Capital Requirement Regulation n°575/2013.

Start adding items to your reading lists:
or
Save this item to:
This item has been saved to your reading list.

Contact us

Roxane Haas
Partner, PwC Luxembourg
Tel: +352 49 48 48 2451
Email

Stay Connected: