A jury made up professionals and experts from the international banking and financial sectors have presented ING Luxembourg with the award 'Best Private Bank Luxembourg 2015' for the third year in a row, it was today announced.
The award was presented during the ceremony of the Global Private Banking Awards 2015 of Professional Wealth Management (PWM)/The Banker, held in Singapore. PWM and The Banker are two publications of the Financial Times Group, with the latter read in more than 180 countries worldwide as a key source of information for the banking and finance industry.
This international award, organised by the Financial Times, collects quantitative and qualitative information from private banking institutions to enable an expert business panel, based in the USA, Asia, Europe and the Middle East, to reward the most deserving candidate. Candidate private banks present in European, Asian, America or African markets provide growth and performance parameters, as well as a presentation of their recent activities, for the consideration of the jury.
ING Luxembourg was awarded the accolade for addressing a variety of challenges arising in 2015 which are for the most part linked to the rapidly changing regulatory environment. Examples include the application of the automatic information exchange system and the directives of the Common Reporting Standard and FATCA, as well as preparation for MiFID II.
The private banking teams at ING Luxembourg were able to keep the majority of their assets under management by limiting capital outflows, through measures that have been put in place for several years. In this regard, the committee for new client approval and development of the Wealth Analysis & Planning service that have enabled better understanding and knowledge of the clients.
This year, the area of coverage for private banking has also been confirmed, in local as well as in international markets: Luxembourg, Belgium, France and the Netherlands, as well as Romania, Russia, Spain, Portugal, Morocco, Great Britain, etc.
ING Luxembourg stated that the increasingly competitive banking landscape in the Grand Duchy made it necessary to specialise in specific areas, citing this as the motivation for the individualised services in terms of portfolio management, credit solutions and wealth and estate planning offered in private banking.
"On this basis, ING Private Banking Luxembourg is well positioned to meet the increasing demand for custom-made solutions from very demanding local and international clients," commented Sandrine de Vuyst, Head of Private Banking. "This award once again this year recognises the efforts of an ambitious bank such as ours, which aims to become a centre of excellence in the Luxembourg market".
KBL European Private Bankers (KPL epb) was also recognised as among the best private banks in Luxembourg at the Global Private Banking Awards 2015.
Photo by ING Luxembourg
