The Luxembourg financial centre has expanded in the last 50 years to become an international hub for Banking and Asset Management activities.
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.
AML Services Partner, Bank and PFS, PwC Luxembourg
Tel: +352 49 48 48 2451