Banque de Luxembourg has been recognised by the 2016 Euromoney Private Banking and Wealth Management Survey as best private bank in the two categories of 'Succession Planning Advice and Trust' and 'Philanthropic Advice and Social Impact Investing'.
Euromoney magazine specialises in the world of finance and banking and this year's annual private banking survey represents the publication's 13th. Banque de Luxembourg supports wealthy clients and their families in protecting tangible and intangible aspects of their wealth. It is also engaged in the management of funds that aim to combine regular financial returns with social impact.
"These awards show appreciation for way [sic] we approach our private banking profession," commented Luc Rodesch, Member of the Management Committee and Head of Private Banking at Banque de Luxembourg. "Every day we do everything we can to offer our clients personalised advice and high quality service. We support them in growing and managing their wealth and planning the personal and financial aspects of their inheritance. We would like to thank all our clients for their ongoing confidence in us over the years."
Meanwhile, Swiss bank UBS Wealth Management, which is also present in the Grand Duchy, ranked as best global private bank overall, with CEO Juerg Zeltner also ranked by peers as best CEO of a global private bank for 2016.
"It's interesting how we as a financial industry look back on the last decade and point to the biggest changes as being within investment banking," Mr. Zeltner told Euromoney. "Yes, regulation and profitability have changed in that sector, but I actually think the wealth management sector has dealt with historic change too. The OECD regulations, cross-border regulations, from know-your-client regulations to the invesmtnet suitability requirement. There have been so many changes and moving targets, it's impressive our industry has embraced all this and moved beyond it."
BNP Paribas, whose subsidiary BGL BNP Paribas is active in Luxembourg, also moved up the global rankings for 2016. HSBC replaced Citi as the best private bank for commercial banking capabilities, whilst Aberdeen Asset Management rose up global rankings to sixth place. UBS, Citi and Credit Suisse held the top three spots for the two new innovation categories of client experience and back office systems.
