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Overview 2019


01 OVERVIEW 2019


We are more than a bank. We are a House of Excellence. Attentive to our clients, to whom we offer the support their life’s projects deserve.

OVERVIEW 2019

We are more than an employer. We reveal talents. In all their diversity and uniqueness. We are more than a business. We are a committed and responsible partner. We build long-lasting relationships with all our stakeholders. Our clients, our staff and our fellow citizens.

We are Banque de Luxembourg.

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OVERVIEW 2019

“We are a House of Excellence that is open to the world. We have always cultivated a person-centric mindset and take our corporate responsibilities seriously.� 04


FOREWORD Dear Client,

the digital revolution can never replace the trust, contact and proximity that form the bedrock of our relationships and our profession.

Our primary responsibility is to protect and manage the wealth you entrust to us; our mission is to make it grow over the long term. As your partner in bringing your plans to fruition, we support you with reliable financing, investment and wealth management solutions. However, our role goes far beyond purely financial concerns. Because we are by your side at every stage of your family’s life, we are able to deal with intangible considerations, such as the history behind your wealth and your legacy.

Younger generations are calling for a society that is responsible and committed to the common good; the business world and social responsibility are now inseparable. Mindful of our duties in this respect, as a House of Excellence, we stay true to our tradition, cultivating a distinctive character within a personcentric mindset. My colleagues and I aim to build the future of our Bank together, while creating a positive impact on the economic, social, cultural and environmental aspects of our society.

Our environment is changing fast and becoming increasingly complex. We guide you by prioritising simplicity and transparency, so that you can proceed with confidence and peace of mind. The skill and dedication of our employees, our passion for our business, and the strength of our balance sheet and our shareholder make us a beacon of excellence.

We have been following our path consistently for almost a century. Proud of our Bank’s solid fundamentals, the invaluable contribution of our people and the loyalty of our clients, I have every reason to look to the future with confidence and determination.

We are an asset manager first and foremost For more than 20 years, we have been providing solid, long-term solutions based on simple principles, rigorously applied. The consistency of our performance derives from the quality of our investment methodology.

Pierre Ahlborn Administrateur Délégué

We emphasise the client relationship in a digital world Your needs are changing, and so are we! You want to extend your banking experience... online. You need interaction and follow-up in real time, at the click of a mouse. We have responded by revamping our approach to communication with you and expanding our digital offering. But we know that

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OVERVIEW 2019

We are a responsible and committed Bank


OVERVIEW 2019

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F undamentals

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B usinesses

A nchors 07

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Fundamentals

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OVERVIEW 2019

To be a House of Excellence for enterprising individuals and families. To share the same mindset, high standards and restraint. To accompany them through the important stages of their lives, in order to protect their wealth for future generations and help them fulfil their life projects with confidence.

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MISSION


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MEN AND WOMEN O F VA L U E

Employees

Average age

972

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Languages spoken

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LUXEMBOURGISH FRENCH GERMAN ENGLISH ITALIAN PORTUGUESE SPANISH DUTCH RUSSIAN

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Consolidated figures at 31/12/2018

OVERVIEW 2019

Nationalities


OUR ESSENCE

OVERVIEW 2019

A Family Office mindset

Luc Wagner, Private Banking Luxembourg Teams

We know that wealth – whether it is inherited or generated from a business – is often built up over a lifetime and may be the result of the work of several generations. Over and above the tangible aspects of a person’s wealth, we attach particular attention to the intangible aspects. Indeed, the success of a family or business often springs from its history, values and skills. For us, every client is, above all, a human being... and every human being is unique.

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OVERVIEW 2019 Claude Medernach and Annette Schroeder, Compagnie Financière de Gestion (CFG)

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OUR ESSENCE

OVERVIEW 2019

A responsible Bank

We have always placed people at the heart of our concerns and are mindful of our responsibilities towards our clients, our colleagues, our shareholder and our local community. Luxembourg and Belgium provide the platform for our growth. We maintain a deep commitment to both countries, on the economic, social, cultural and environmental fronts.

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OVERVIEW 2019 Viviane Feiereisen, Private Banking Luxembourg Teams

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OUR ESSENCE

OVERVIEW 2019

A close-knit and like-minded family

Jean-Pierre Burban, Reception Teams

At Banque de Luxembourg, we work as a close-knit and like-minded family. Our employees are united by their passion for their work and by shared values that guide their actions every single day. They are proud of our heritage and have a strong personal connection to the Bank. Our multilingual, multidisciplinary teams are made up of people from diverse backgrounds. We embrace this diversity as a source of enrichment, reflecting the complexity of the world in which we live today.

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OVERVIEW 2019 Philippe Galot and Anna Castellana-Notarangelo, Private Banking Belgian Teams

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KEY FIGURES FOR 2018

OVERVIEW 2019

Client deposits c

69 323

Consolidated net income from banking operations

m

OF WHICH

c

CASH

12 045

c

m c

SECURITIES

57 278 m

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299

m


Consolidated net profit

62

m

Equity capital c

Loans and advances to customers c

3 135

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c

1 002

m

m

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Data at 31/12/2018 Amounts expressed in millions of euros


OVERVIEW 2019


B usinesses

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OUR FIVE AREAS OF EXPERTISE

Our five main business areas (private banking, asset management, services for businesses and entrepreneurs, loans and credits and professional banking) have been built around the needs of our clients and are managed using the same consistent approach inherited from our private banking tradition.

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Asset Management

Loans and Credits

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Businesses and Entrepreneurs

Professional Banking

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Private Banking


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PRIVATE BANKING

Loraine Calo, Private Banking International Teams

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We support our clients in the preservation, management and transfer of their wealth by offering them solutions that are tailored for the concerns they encounter, which often cross multiple legal jurisdictions. Our specialised services for families are a natural extension of these activities. They include guidance in the areas of family governance, educating the ’Next Gen’ and philanthropic projects.

“We respond to our clients’ changing needs by supporting them with every aspect of their financial wealth and helping them plan for the major milestones in their lives.” Luc Rodesch, Head of Private Banking

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OVERVIEW 2019

For almost a century, we have been supporting a local and international clientele of private investors, families and entrepreneurs. As one of Luxembourg’s leading asset managers, we take a long-term approach based on a risk control strategy.


P R I VAT E B A N K I N G

OVERVIEW 2019

FA M I LY O F F I C E

Franca Rosati, Compagnie Financière de Gestion (CFG)

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In an increasingly complex world, the specialists at CFG establish a structured and comprehensive approach to respond to their clients’ objectives. They have access to a broad range of services that have been developed based on their experience of working with families with complex interests in different legal jurisdictions, multiple banking relationships and diversified portfolios. Finding the right solutions for their clients’ needs involves going beyond the financial aspects to take into account their history, their life projects, their values, their expertise as well as their family circumstances.

“CFG offers its clients tailored services, with the utmost respect for their privacy, in order to optimise the management of their estate.” Sam Reckinger, Administrateur Délégué, Compagnie Financière de Gestion Luxembourg S.A. (CFG)

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OVERVIEW 2019

Compagnie Financière de Gestion (CFG) was one of the first Family Offices in Luxembourg. For more than thirty years, its multidisciplinary team has been advising wealthy clients on enhancing, structuring and passing on the various components of their estate.


OVERVIEW 2019

AS S E T M A N AG E M E N T

Marc Erpelding, BLI – Banque de Luxembourg Investments

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Its expertise is based on several key principles: active management, transparency, risk awareness and environmental, social and governance (ESG) responsibility. At 31 December 2018, BLI was managing and distributing a range of more than 30 investment funds with assets totalling around 10 billion euros.

“We have adhered to the same investment policy for twenty years, selecting high-quality securities at the right price, with a focus on the transparency of their balance sheet and the clarity of their business model.” Guy Wagner, Administrateur-Directeur BLI – Banque de Luxembourg Investments

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OVERVIEW 2019

BLI – Banque de Luxembourg Investments is the Bank’s asset management company and has proven fund management expertise in three key areas: equities, bonds and multiasset strategies. Located in Luxembourg, far from the hustle and bustle of the major financial centres, the BLI asset management team specialises exclusively in selecting high-quality investments across the world.


OVERVIEW 2019

BUSINESSES AND ENTREPRENEURS

Jean-Louis Schmit, Services for Businesses and Entrepreneurs

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“We deliberately work with a limited number of clients so we can offer them tailor-made support over many years, as befits a private bank.� Philippe Depoorter, Head of Services for Businesses and Entrepreneurs

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OVERVIEW 2019

We work with Luxembourg-based entrepreneurs and real estate professionals to help them finance their projects and manage, grow and pass on their business assets. In the process, we have developed specific expertise in preparing for the handover stages of family businesses and helping the next generation find their place in the business.


OVERVIEW 2019

LOA N S A N D C R E D I TS

Bruno Ferreira, Loans and Credits

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“Analysing with our clients the value of an investment. Drawing up realistic and coherent repayment plans with them. Offering them solutions that minimise their exposure to risk. This is also the definition of a responsible banking partner.” Etienne Planchard, Head of Loans and Credits

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OVERVIEW 2019

We are one of the few wealth managers to offer our clients a comprehensive range of financing solutions. Whatever our clients’ projects, we carefully formulate a financing plan that aligns perfectly with each individual’s situation and personal goals.


OVERVIEW 2019

PROFESSIONAL BANKING

Lucienne Andring, Professional Banking

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We have grown with the development of Luxembourg’s investment funds industry and the third-party asset manager sector, and are now positioned as a key services provider in this industry. We support our clients at every stage of their projects, from the creation and administration of their investment funds to comprehensive depositary services for third-party asset managers.

“When the UCITS label was introduced over thirty years ago, we were among the first in Luxembourg to develop a specific division for investment funds. Today, as well as focusing on these classic funds, we are one of Luxembourg’s leading banks for alternative funds.” Fernand Reiners, Head of Professional Banking

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OVERVIEW 2019

Our Luxembourg-based teams of specialists have a close relationship with their clients and as such are able to guide them towards the right solutions to face the increasing complexity of the industry. This is the added value of our service.


OVERVIEW 2019


A nchors

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Pierre Ahlborn

Romain Weiler

G OV E R N A N C E

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Fernand Reiners

Sam Reckinger

Philippe Depoorter

Guy Wagner

Etienne Planchard

Luc Rodesch

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BenoĂŽt Elvinger


MANAGEMENT COMMITTEE Pierre Ahlborn – Administrateur Délégué Philippe Depoorter – Businesses & Entrepreneurs Benoît Elvinger – Dealing Room Etienne Planchard – Loans & Credits Fernand Reiners – Professional Banking Luc Rodesch – Private Banking & Estate Planning Romain Weiler – Organisation & IT, Finance & Operations

DIRECTORS, HEADS OF DIVISION

David Schmidt

Georges Heinrich – Secrétaire Général David Schmidt – Belgian Branch Sam Reckinger – Compagnie Financière de Gestion (CFG) Guy Wagner – BLI – Banque de Luxembourg Investments

Président Philippe Vidal Directeur Général Adjoint du CIC, Paris

Pit Reckinger Lawyer, Luxembourg Charles Ruggieri Président, Batipart Invest, Luxembourg

Vice-Président Daniel Baal Directeur Général du Crédit Mutuel, Paris

Benoît Elvinger Secrétaire du Conseil d’Administration, Luxembourg

Administrateur Délégué Pierre Ahlborn Luxembourg Georges Heinrich

Présidents Honoraires Robert Reckinger Luxembourg

Administrateurs

Jean Weber Le Plan-de-la-Tour

Jacques Delvaux Lawyer, Luxembourg Carine Feipel Lawyer, Luxembourg

Administrateurs Honoraires Dr Ekkehard Storck Vice-Président honoraire, Berlin

Philippe Hoss Lawyer, Luxembourg Georges M. Lentz Jr. Administrateur Délégué, Brasserie Nationale, Luxembourg Thomas K. Müller CEO, CIC-Suisse Philippe Neyrand Directeur, CIC Grands Comptes, Paris

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Camille Diederich Luxembourg Paul Leesch Luxembourg Marc Weinand Luxembourg

OVERVIEW 2019

BOARD OF DIRECTORS


A L M O ST 1 0 0 Y E A R S S I X M I L E STO N E S I N A LU X E M B O U R G STO RY

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1920 Banque d’Alsace et de Lorraine, later Crédit Industriel d’Alsace et de Lorraine (CIAL), opens its first branches in Luxembourg.

1967

1937

CIAL becomes a major shareholder in Banque M at h i e u Frè re s a n d s p e c i a l i s e s i n we a l t h management for affluent clients.

Banque Mathieu Frères, the forerunner of Banque de Luxembourg, is founded.

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Banque de Luxembourg becomes a wholly owned subsidiary of the CrĂŠdit-Mutuel - CIC group.

1978 Banque Mathieu Frères changes its name to Banque de Luxembourg.

2010 Banque de Luxembourg opens a branch in Belgium and continues to grow commercially with two new private banking centres in Brussels and Ghent.

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2002


OUR BRANCHES

LUXEMBOURG 14, Boulevard Royal L-2449 Luxembourg

OVERVIEW 2019

55, Rue des Scillas L-2529 Luxembourg-Howald Tel.: (+352) 49 924 1 Fax: (+352) 49 924 5599 www.banquedeluxembourg.com

COMPAGNIE FINANCIÈRE DE GESTION LUXEMBOURG S.A. 40, Boulevard Joseph II L-1840 Luxembourg Tel.: (+352) 45 31 31 Fax: (+352) 45 31 33 www.banquedeluxembourg.com

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Chaussée de La Hulpe 120 B-1000 Brussels Tel.: +32 (0)2 663 45 40 Fax: +32 (0)2 663 45 41 www.banquedeluxembourg.be

BELGIUM – GHENT 3Square Village Rijvisschestraat 124 B-9052 Ghent Tel.: +32 (0)9 244 00 40 Fax: +32 (0)9 244 00 49 www.banquedeluxembourg.be

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OVERVIEW 2019

BELGIUM – BRUSSELS


OUR SHAREHOLDER Banque de Luxembourg is a wholly owned subsidiary of Crédit Mutuel Alliance Fédérale via Crédit Industriel et Commercial (CIC) which owns 100% of the Bank’s capital. Crédit Mutuel Alliance Fédérale offers its clients a comprehensive and innovative range of diversified banking and insurance services as well as telephony, home automation and residential surveillance, vehicle sales and leasing, and real estate services.

OVERVIEW 2019

Its strength stems from a combination of factors: a cooperative and mutualist structure, a policy of diversification of products and services, decentralisation of its networks to empower locally based services, a strong and recognised brand, a growing international presence and highly trained and skilled employees. In 2018, Crédit Mutuel Alliance Fédérale produced a net profit of 2 993 million euros, an increase of 23.3%. The quality and robustness of its assets enable it to achieve equity capital of 43.6 billion euros and a solvency ratio of 16.6%. This financial strength guarantees clients security and continued growth, a prerequisite for tomorrow’s jobs and profits. It is reflected in the ratings awarded to Banque Fédérative du Crédit Mutuel (BFCM). In fact, rated “A” by Standard & Poor’s, “Aa3” by Moody’s and “A+” by Fitch, with a stable outlook noted by all three agencies, Crédit Mutuel Alliance Fédérale remains one of the top-rated banks in France and Europe.

Crédit Mutuel Alliance Fédérale is one of the 119 major European banks supervised directly by the ECB under the Single Supervisory Mechanism (SSM). Through its network and specialised subsidiaries in France and Europe, it offers an extensive range of wealth management advice and solutions for private banking clients, as well as asset management and depositary services for professional investors. Banque de Luxembourg is a key player in this network of specialised businesses, alongside other key banks such as CIC Banque Privée, Banque CIC (Suisse) and Banque Transatlantique.

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“ensemble#nouveaumonde”

THE GOALS OF THE STRATEGIC PLAN LEAN ON THREE PILLARS:

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Be the benchmark for relationship banking in a digital world, by transforming the client relationship and experience.

Be a bank committed and adapted to the new world, by simplifying its organisation and supporting all its staff.

Be an innovative multi-services bank, by diversifying and supporting all its customers’ projects.

www.creditmutuel.com www.cic.fr

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OVERVIEW 2019

In November 2018, Crédit Mutuel Alliance Fédérale launched its new strategy, “ensemble#nouveaumonde”. The plan, which will be rolled out over the next four years, is designed to help Crédit Mutuel Alliance Fédérale respond to new challenges arising from the digital revolution and changes in client expectations.


FIND OUT MORE www.banquedeluxembourg.com

OUR NEWS PAGE www.banquedeluxembourgnews.com

BANQUE DE LUXEMBOURG ON SOCIAL MEDIA

All photos show real employees of the Bank in typical work situations.


Banque de Luxembourg, 14, Boulevard Royal, L–2449 Luxembourg – RCS B5310 BL/2019/004/FR/EN/DE/ES – April 2019 Design and production: – Photo credits: Éric Chenal, Fernando Guerra, Vito Labalestra, Ann Sophie Lindström.


www.banquedeluxembourg.com

Profile for Banque de Luxembourg

Overview 2019 EN  

Overview 2019 EN