L-R: Marc Niederkorn, SNCI Director; Vincent Thurmes, Finance Ministry, new Chairman of SNCI Board of Directors; Finance Minister Yuriko Backes; Economy Minister Franz Fayot; Carole Bruckler, Economy Ministry, Vice-Chairperson of SNCI Board of Directors; Credit: MECO

The national credit and investment institution SNCI (Société Nationale de Crédit et d'Investissement) has appointed its new Board of Directors and Management Committee.

The Government Council has approved the composition of the SNCI Board of Directors, whose term will begin on 1 October 2022. On Monday 26 September 2022, Yuriko Backes, Luxembourg's Minister of Finance, and Franz Fayot, the Minister of the Economy, met with the SNCI Board of Directors and its management.

Vincent Thurmes, first government counsellor of Luxembourg's Ministry of Finance, has been appointed Chairman of the SNCI Board of Directors with effect from 1 October. Carole Bruckler, head of digital health technologies at the Ministry of the Economy, was appointed Vice-Chairperson and a member of the Board of Directors with effect from the same date.

Gilles Scholtus, Jean-Louis Thill, André Roeltgen, Patrick Dury, Paul Zimmer, Marc Wagener, Carlo Thelen, Tom Wirion and Norry Dondelinger have been reappointed as members of the SNCI Board of Directors for a five-year term.

Marc Niederkorn has been appointed Director of the SNCI and will also take up his duties on 1 October 2022. Mr Niederkorn boasts a 30-year career in business consulting, including 22 years as associate director, senior partner, global leader of the "payment services" practice and head of the Luxembourg office of the consultancy firm McKinsey&Company.

The SNCI is a public-law banking institution specialised in medium- and long-term financing of Luxembourg-based companies.

Minister Fayot commented: "The SNCI will diversify its instruments - together with its partners such as the [Luxembourg] Chamber of Commerce, the Chamber of Trades or Luxinnovation in order to meet the new needs of companies, industries and SMEs [small- and medium-sized enterprises]. It is essential to support companies today towards a double ecological and digital transition".

Minister Backes added: "In these times of permacrisis, the SNCI remains, more than ever, an essential instrument of the State to accompany and support the national economy. Faced with significant investment needs, it will be able to take advantage of its rich experience in this area, while innovating and drawing on the expertise of the financial centre in terms of sustainable finance".