Banking & Capital Markets

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

Why Luxembourg?

0 banks
0th

among 63 countries for competitiveness in the 2022 World Competitiveness Yearbook
0 million EUR
Balance sheet (as at 30.09.2021)

Luxembourg's financial services centre is unique. With its exceptional range of services, world-class financial infrastructure and expertise, the country’s banking industry is competitive. With its  unparalleled range of services, financial infrastructure and expertise, Luxembourg is a financial global hub. Despite a major transformation wave hitting global financial markets combined with an increasingly complex regulatory context, the local financial sector is still resilient, competitive and growing.

Luxembourg economic model remains one of the most competitive in the world. The World Competitiveness Yearbook 2022 ranked Luxembourg 13th out of 63 ccountries in terms of competitiveness which largely contributes to the attraction of the Grand Duchy on the international place and help the country attract, grow and retain talents and investors. Luxembourg is continuing to attract major multinational groups, and encouraging them in developing their activities in the country.

Key challenges

The 2020’s decade is set to be a decade of change for the Banking & Capital Markets industry. It all started with the digitalisation wave that started to hit the sector a few years ago, followed by the Covid-19 pandemic, and more recently the rise of ESG, which all forced banks to reinvent their operating models to keep up with their clients' evolving needs. But on top of existing challenges for banks such as the pace of new risk and regulatory topics, new concerns such as cybersecurity have arisen. To help you cope with these challenges (and any other), PwC experts are here to accompany you no matter where you are in the process.

Data Analytics & Artificial Intelligence

Unlocking the power of data to help your bank grow even further

Banks are part of our social fabric. We have trusted, and relied upon them for centuries and generations. Over time, banks have managed to amass vast amounts of our financial, behavioural and aspirational data. Now with data analytics and artificial intelligence (AI) techniques it is possible to unlock that data, and put it to intelligent use. PwC Luxembourg can build your data foundation, and superpower it with advanced analytics and AI. PwC Luxembourg understands regulatory requirements, and how to adapt for the future. Let us help you improve business performance, and discover how you can do what you do today, even better!
New business opportunities are available. Discover them with smart innovation.

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Data Analytics and Artificial Intelligence The use of data & AI for finance and RM functions

Corporate Banking

In order to uncover the Jewel of Luxembourg’s banking industry, PwC Luxembourg and the ABBL, with the support of CSSF and LFF, teamed up to conduct the ABBL Corporate Banking Survey 2022. The ABBL Corporate Banking Survey was an invitation-only survey comprising an online qualitative questionnaire for CEOs and a set of quantitative questions addressed to CFOs of the banks. In addition, a series of virtual or field interviews were organised with those banks.

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ESG & Sustainable Finance

ESG - What does it mean for Banks?

The demand for sustainable financial products is higher than ever and banks and investment companies can take advantage of the transformation while contributing to a greener future. When developing a sustainability strategy, it is important that in the first step the key stakeholders answer two main questions, namely (i) what is important to them in terms of ESG and (ii) with which product they would like to make an ESG-related impact. To become a successful player in the field of sustainable finance, and particularly impact investing, banks and investment firms should not wait to be forced by regulations on how to display their green investments but anticipate the upcoming requirements and act as a forerunner.

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ESG in Banking Sustainable Finance Sustainability and Climate Change

Risk & Regulations

Keeping up with the regulatory flow and pressure

The financial regulatory environment is and will continue changing significantly, both at global as well as at local level. Sustainable Finance, MiFID II, AML, EMIR Refit, CSDR or IT Regulatory are just a few examples of a long list of topics that have to be treated and that as such require increased investment - in terms of time as in resources.

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Risk, Regulatory & Compliance services for Banks ECB Priorities 2022

Digital & Customer Transformation

Offering your customers a banking experience that is end-to-end, differentiated and tailored

Creating positive experiences for your customers, employees and partners by knowing what they need and being able to provide it has always been a differentiator, but being able to provide it when you can't see or meet with your people - being able to maintain relationships in the absence of in-person interaction - is another question.

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Cybersecurity

Protecting your clients’ sensitive data against cyber threats

In a cyber world, the pace of evolution is extremely high, it is almost impossible to keep up with the technology evolution let alone with the cyber threats coming at us. It is key today that bank spread their defense strategy over different axes, prevention, detection and response. The majority of the efforts, either budget or resources, go in to prevention. This approach worked ok for most of the time, but with the rise in volume and complexity of cyberattacks companies require better detection capabilities. On average it takes more than 100 days before a successful infiltration is detected. The time between infiltration and detection is far too high to create a safe and sound environment. Future success depends on how fast one can detect and react upon correctly and in a coordinated fashion.

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Cybersecurity for Banks Cybersecurity and Privacy

AML & Financial Crime

Keeping Safe from Financial Fraud

The pace of AML/CTF regulatory developments won’t slow down and Luxembourg market players are following the evolution closely. The legislation wants to go further and become more granular so ML cases previously not contemplated can be identified and punished. At PwC, we make it a priority to assist you with transforming the way you currently handle complex AML matters to be more effective, efficient, digital and client friendly.

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New World. New Skills.

Investing in the skills of the future

The banking sector has faced massive disruption in recent years, with the emergence of challenger banks and regulatory changes designed to increase competition. In a fast-changing economy, winning companies are adept at building new skills and capabilities, particularly those based on digital technology. These organisations have moved beyond the traditional ideas that upskilling equals training and that the workforce is a fixed entity, and instead, they create more flexible ways to access the skills and capabilities they need. Although those skills can be gained through alliances, joint ventures, partnerships with government and academia, and other types of collaborations, the most lasting results come from upskilling the current base of full-time employees.

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Upskilling for competitiveness and employability PwC's Academy
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Our services

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.

 

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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.

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

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Contact us

Roxane Haas

Partner, Luxembourg Banking & Capital Markets Leader, PwC Luxembourg

Tel: +352 49 48 48 2451

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