The Bank will have a Cooperative consultative body composed of about 20 members representing a wide professional and geographical diversity within Luxembourg. These members will be invited to meet and interact with the Board of Directors on a regular basis. The Cooperative will give impetus to the Council and will share with it any important feedback from local customers. Four Cooperative members will be elected to the Board of Directors by some 34,000 members of the Group, in a democratic vote.
This visionary construction, conceived 200 years ago, assures a healthy and selfless management, with the only objective being the durability of the activities. In fact, a cooperative bank is not bound by short-term profitability objectives: it is not subject to shareholder pressure in terms of dividends, but only uses its profits to satisfy regulatory ratios and finance its long-term growth.
The project will not affect either the employment or the commercial network of the group. The Group will emerge stronger from this project, with smoother processes, better customer service, governance to meet the highest demands and the involvement of its members in line with the founders' concepts.