YEARS.... in the service of the Luxembourg financial centre. ABBL_LBQ_75ans_270214_bordsperdus.indd 1 27/02/14 12:46

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1 YEARS... in the service of the financial centre ABBL_LBQ_75ans_27214_bordsperdus.indd 1 27/2/14 12:46

2 a publication of the Bankers Association Banking Quarterly - an ABBL publication years special edition This publication may not be reproduced, either in full or in part, without the prior permission of the ABBL. Thank you for contacting us: mail@abbl.lu Message from the Chairman Do not miss Timeline Evolution of the banking sector since 195 Dear members, dear readers Ernst Wilhelm Contzen (Chairman, ABBL) ABBL For the past four years of this venerable institution s 75-year history, I had the privilege and honour of chairing the ABBL. My two mandates as ABBL Chairman also happened to coincide with what has probably been one of the most turbulent periods in the financial centre s history. Since the Lehman collapse, the ABBL has been busy dealing with the regulatory fallout of the fi nancial crisis, particularly by assisting its members in adapting to a regulatory framework that has been completely overhauled: from Basel 3 to the banking union, from the Alternative Investment Fund Managers Directive (AIFMD) to the European Market Infrastructure Regulation (EMIR). In addition, has steadily been progressing towards the adoption of the automatic exchange of information. While this may not have been the Copernican revolution that some believe precisely because it was a gradual and considered process it will nevertheless have a considerable impact on the structure of the banking landscape in. Once upon a time in The convention establishing the ABBL was signed on 5 June 1939 by 1 banks in However, 75 years are testimony to the ABBL s capacity to adapt to a changing environment and to meet challenges head on in the best interest of the fi nancial centre. The ABBL has accompanied the fi nancial centre throughout the key stages of its development, including the Euromarkets in the 6s and 7s, the creation of a private banking industry in the late 7s and early 8s, the launch of the cross-border fund industry in the late 8s, the introduction of the euro at the turn of the millennium as well as the post-millennial harmonisation of fi nancial sector regulation in Europe. Indeed, just as the economy has progressed in correlation with the development of the fi nancial sector, the ABBL and its membership have grown organically with the fi nancial centre. The ABBL s workload and the diversity of its activities have increased as the fi nancial industry and the rules governing it have become ever more complex. In 1939, 1 banks established the ABBL and the association had no staff until 1963 when it hired its fi rst Secretary General. Today, the ABBL has 138 members - banks, lawyers, auditors, consultants, professionals of the fi nancial sector and fi nancial service providers - and employs 4 people to promote its members interests at all levels. With the ABBL, the fi nancial centre has an established, highly experienced and forward-looking association championing its cause. I am honoured to have had the opportunity to lead this exceptional association these past four years, a period that was both fascinating and incredibly challenging. It was a period marked by a global fi nancial crisis and an unprecedented sovereign debt crisis in Europe; a period which represents a paradigm shift for our industry and this fi nancial centre. I am convinced that with the help of the ABBL s unique ability to federate the interests of the various actors of the fi nancial sector and encourage them to work together in the best interest of all, the fi nancial centre is able to face the future with confi dence. As a fi nancial centre, we will continue to offer our clients in the future what has made us strong in the past: planning security, sound government, a stable legislation, a strong regulatory framework, as well as the cross-border knowhow and international expertise of our members: banks, lawyers, auditors and professionals of the fi nancial sector. We believe in the future of. United we stand, divided we fall! ABBL_LBQ_75ans_27214_bordsperdus.indd 2 27/2/14 12:46

3 What we stand for... Message from the CEO The ABBL: A busy crossroads of experts and ideas 75 years of history; of the ABBL, of the fi nancial centre and of the people that have built this fi nancial centre. LG Magazine / Marlene Soares The ABBL s strength has always been its ability to bring together the different actors and stakeholders of the fi nancial centre to fi nd common ground and provide solutions in the best interest of all. As the fi nance industry has become ever more complex, so has the work of our association. The ABBL today employs 4 people from various fi elds and with very specifi c competencies. The ABBL s credibility vis-à-vis its members as well as its counterparts in fi nancial institutions, the government, public administrations and regulatory authorities rests on the shoulders of our staff. Jean-Jacques Rommes, (CEO, ABBL) Importantly, the ABBL is a centre of competence precisely because it is in this association where the fi nancial centre s brightest minds have traditionally come together, in clusters, committees and working groups, to identify opportunities for the fi nancial centre and prepare and accompany regulatory developments. The people who work for the ABBL and the people that our members send to our committees and other bodies are absolute experts in their fi eld, whether in human resources, payment systems, banking technologies, banking supervision, fi nancial market regulation, tax, law or any other of the numerous areas that the ABBL covers. The ABBL s extensive range of activities is indeed unique in, but also beyond. No banking association in Europe has as wide a scope of activities as the ABBL. The ABBL s biggest achievement has been to successfully orchestrate this busy crossroads of people and ideas, while at the same time always keeping in mind the common goal of developing and bringing forward the fi nancial centre. To do so over 75 years is indeed a remarkable achievement. For a CEO, managing the ABBL represents a master class in learning how to listen and to fi nd solutions that take into account the interests of a very diverse constituency. Interests may shift from one business to another, or from one regulatory proposal to the next. Due to its broad range of activities and the fact that it has to cater to very different and occasionally diverging interests and needs, the ABBL s key role on the fi nancial centre has indeed always been a delicate balancing act. As CEO, I m not ashamed to admit that I occasionally reached my own limits trying to accommodate all of these interests under one roof. Yet, as an association, we have so far always succeeded in our various missions with the permanent support of our members and by maintaining a constructive dialogue with forward-looking governments as well as pro-active public authorities and regulators. As it has done for the past 75 years, the ABBL will continue to bring together all the voices that make up this fi nancial centre and who have a stake in its continued success. We will continue to be the voice of banking and more. For me personally, It has been a great pleasure, these past 2 years, to partake in the ABBL s long history, to have witnessed the ABBL grow with the fi nancial centre, to have seen it master the challenges of globalisation and increased European harmonisation and seen it steer through a global fi nancial crisis. My time at the ABBL has come to an end. I leave with countless memories and a great sense of personal accomplishment. The ABBL has given me a lot, and I have always fully dedicated myself to the ABBL in return. Indeed, the ABBL, its staff and its members deserve nothing less. I therefore want to take this opportunity to thank all the people I have had the pleasure of working with, and with whom I have shared the common goal of bringing the fi nancial centre forward, for their continuous support and the commitment they have made. Former ABBL Chairmen MAX LAMBERT CARLO TURK JEAN D HUART / JEAN-JACQUES WELBES / MARCEL SCHLEDER / GEORGES ARENDT / 1979 (ACTING) ALBERT DONDELINGER CONSTANT FRANSSENS REMY KREMER JEAN KRIER CHARLES RUPPERT PAUL MEYERS FRANÇOIS MOES 2-24 JEAN MEYER 25-3/4/21 ABBL_LBQ_75ans_27214_bordsperdus.indd 3 27/2/14 12:46

4 1963 Georges Glesener becomes the fi rst Secretary General of the ABBL. Before this date, the Secretary General of the Stock Exchange was also in charge of the ABBL The ABBL founds the Bank Training Institute (IFBL) Europaïsche Hypothekenbank: the fi rst bank specialising in covered bonds Lucien Thiel becomes the fi rst General Manager of the ABBL Launch of the Financial Industry Federation (PROFIL) to promote the fi nancial centre. The ABBL is a founding member The ABBL is a founding member of the European Banking Federation (EBF) 211 Launch of the Union Bancaire Francophone 28 Launch of the second ABBL business line cluster The Retail and Commercial Banking Group, Creation of for Finance (LFF). This project was set up by the ABBL in 24 in response to the increasing globalisation of international markets 21 The ABBL adopts its statutes in order to open up membership to professionals working in or for the fi nancial sector other than banks The ABBL introduces savings and loan scheme ( épargne-crédit ) Wells Fargo and Bank of America: fi rst US banks in 23 Launch of the School of Finance (LSF) as the Finance Department of the University of 1992 The ABBL sets up the European Banking Academy (EBA), the precursor to the School of Finance The ABBL launches Bancolux, a game simulating portfolio management, shown at the Universal Expo in Seville 27 Launch of the fi rst ABBL business line cluster: The Private Banking Group, (PBGL) 1947 The ABBL organises its fi rst training courses in collaboration with the Chamber of Commerce 1973 Union des Banques Suisses: fi rst Swiss bank in Christiana Bank: fi rst Scandinavian bank in 1974 East-West United Bank: fi rst Russian bank in 1987 NMB Bank: fi rst Dutch bank in TSB Private Bank International: fi rst UK bank in 5 June 1939 Creation of the ABBL by ten banks Max Lambert is the fi rst ABBL Chairman Banco di Napoli International: fi rst Italian bank in International Trade & Investment Bank: fi rst Arabic bank in The Industrial Bank of Japan: fi rst Japanese bank in 1993 Garanti Bank: fi rst Turkish bank in The ABBL suspends its activities under the occupation by Nazi Germany The ABBL is awarded with the INDR s CSR label for social responsible companies ABLV Bank: First Latvian bank in ABBL: The ABBL resumes its activities, particularly focusing its activities to issues relating to dispossessions and the freezing of assets during and after the war 26 The ABBL launches the LSF Foundation to encourage and support the development of the School of Finance The Microfi nance Fund Labelling Agency (Luxfl ag) is created by the ABBL and other fi nancial centre stakeholders The ABBL opens a permanent EU representative offi ce in Brussels, together with ALFI 1981 Banco mercantile de Sâo Paulo: First Brazilian bank in The Financial Technology Transfer Agency (ATTF) is set up by the ABBL and other actors to take over the IFBL s international programmes 1968 First collective employment agreement for the banking sector The ABBL introduces the check card ( Carte-Chèque ) 29 Creation of the ABBL & ALFI Depository Bank Forum 1967 Dresdner Bank: fi rst German bank in Uniao de Bancos Portugueses: First Portuguese bank in The ABBL launches the Banklehre, an on-the-job training contract Creation of the Deposit Guarantee scheme AGDL, administratively managed by the ABBL The ABBL institutionalises Technical Committees The ABBL sets up the Association for Health and Safety at the Workplace in the Financial Sector (ASTF) ABBL_LBQ_75ans_27214_bordsperdus.indd /2/14 12:46

5 Evolution of the banking sector since 195 Number of banks per country of origin & Balance sheet total No. of banks EUR millions Belgo/ German French Dutch Swiss Italian UK Scandinavian US Others 1 8 Source: IML, BCL, Commissaire au contrôle des banques Balance sheet total No. of banks Creation of banks and cessation of activities of banks over the years 35 Number of banks created in a given year Number of banks having ceased activities in a given year Net total of banks created/having ceased activities in a given year Source: IML, BCL Employment in banks 3 3 ers Foreigners (residents / non-residents) Total Source: IML, BCL, Commissaire au contrôle des banques ABBL_LBQ_75ans_27214_bordsperdus.indd 6 27/2/14 12:46

6 The ABBL s past, present and future managers The Pioneer The Visionary The Guardian The Pragmatist Georges Glesener, (Secretary General, ) Serge de Cillia, (CEO as of 1 May 214) Lucien Thiel, (General Manager, ) Jean-Jacques Rommes, (CEO, ) Message from the future CEO Investing in the future and its fi nancial sector have fundamentally changed over the past 75 years. Where we were once able to carve out sovereign niches and attract business that sought alternatives to the restrictive environments at home, we today have to rely almost exclusively on our competencies to provide added value for our international customers. Indeed, our main niche, as well as our core strength, is being better than others in providing cross-border fi nancial services and products at a global scale. became the fi nancial centre that it is today because our leaders and the fi nancial sector s stakeholders were far-sighted enough to anticipate, prepare and accompany international developments, and specifi cally regulatory developments at the European level. The ABBL has, of course, played a central role in this context. I am convinced that can continue to play a leading role in Europe and beyond as an international fi nance hub. But in order to do so, we must invest in our future. More than ever before, it is crucial to be pro-active and seek out opportunities. In a globalised fi nancial industry, whose rules have become increasingly harmonised, we can no longer afford to wait for clients and companies to come to. We therefore need to invest today in the fi nancial centre of tomorrow. First and foremost, we need to invest in people. In order to stay at the top as a fi nancial centre, our staff must be at the top of their profession. We thus need to attract the most highly skilled staff possible. Importantly, we also need to make sure that our existing workforce continues to evolve with the requirements of the sector. The profession changes at the speed of regulation: our staff must be able to keep up with this pace. Further education and regular training and refreshing of skills are thus a prerequisite. The world does not stand still, and neither can we. Retaining and nurturing talent is also a necessity if we want to stay at the leading edge of innovation in our sector. We must invest in creativity and in the development of new products and services. The world has become more complex, and our clients need effi cient solutions to complex problems. As I said before, we have developed unrivalled expertise in providing these cross-border solutions. We need to built on this strength and remain one step ahead of our competition: if a client has business interests in multiple jurisdictions, deals in multiple currencies and has to cope with multiple regulatory and fi scal frameworks, then we must make sure that remains his fi rst port of call. needs to think outside of the box and be an innovation leader, not a follower. We need to invest in infrastructure. The fi nancial sector has become increasingly reliant on ICT at all levels. Nearly every fi nancial operation today involves some kind of electronic or digital processing, from granting a loan to booking trades or calculating NAVs. needs to continue to invest in its ICT sector, its data centres, its high-speed Internet connectivity, and so on. Managing data is big business, and what better place to ensure the secure handling of data than, a large fi nancial centre with an exceptional PSF structure capable of dealing with the most complex ICT requirements of fi nancial intermediaries? Finally, we need to invest in putting on the global map. This means investing in promoting and branding as a fi nancial centre and as a country. It also means going out there and convincing clients and operators why they should choose, why we can offer them an added value that others cannot, why is their hub for doing business or investing in Europe. Our quick-decision making and our ability to seek out fi rst mover advantages have always been unique assets. This is no time to rest on our laurels and to slow down. On the contrary, we need to step up a gear to make sure that the fi nancial centre of tomorrow can be at least as successful as the fi nancial centre of yesterday. Serge de Cillia, (CEO of the ABBL as of 1 May 214) ABBL ABBL_LBQ_75ans_27214_bordsperdus.indd 7 27/2/14 12:46

7 MERCI ALL ONSEN MEMBEREN ABLV Bank S.A. - ABN AMRO Bank () S.A. - Advanzia Bank S.A. - Allen & Overy S.C.S. - Andbank - Arendt & Medernach, Avocats à la Cour - Atoz S.A. - Aurea Finance Company - Avaloq S.à r.l. - avantage Reply () S.à r.l. - Baker & McKenzie - Banca March, S.A., Branch - Banca popolare dell Emilia Romagna (Europe) International S.A. - Banco Bradesco Europa S.A. - Banco Espirito Santo, S.A., Succursale de - Banco Itaú Europa S.A. - Banco Popolare S.A. - Bank Leumi () S.A. - Bank of China () S.A. - Bankinter S.A. - Banque BCP S.A. - Banque Carnegie S.A. - Banque de Commerce et de Placements S.A., Branch - Banque de - Banque de Patrimoines Privés - Banque Degroof S.A. - Banque et Caisse d Epargne de l Etat, - Banque Hapoalim () S.A. - Banque Havilland S.A. - Banque Internationale à S.A. - Banque J. Safra Sarasin () SA - Banque LBLux S.A. - Banque Privée Edmond de Rothschild Europe - Banque Raiffeisen - Banque Transatlantique S.A. - BDO - BEMO Europe - Banque Privée - BGL BNP Paribas S.A. - BHF-BANK International S.A. - Bonn & Schmitt - Bonn Steichen & Partners - Bourse de - Brown Brothers Harriman () S.C.A. - BSI Europe S.A. - Caixa Geral de Depósitos, Succursale de - CapitalatWork Foyer Group S.A. - CASTEGNARO - Catella Bank S.A. - CETREL S.A. - China Construction Bank (Europe) S.A. - Citco Bank Nederland N.V., Branch - Citibank International plc, Branch - Clearstream Banking - Clifford Chance - Commerzbank International S.A. - Compagnie de Banque Privée Quilvest S.A. - Cornèr Banque () S.A. - Credem International (Lux) S.A. - Crédit Agricole - Credit Suisse () S.A. - Danske Bank International S.A. - DekaBank Deutsche Girozentrale S.A. - Delen Private Bank S.A. - Deloitte General Services S.à r.l. - Deutsche Bank S.A. - Deutsche Postbank International S.A. - DNB S.A. - DZ PRIVATBANK S.A. - East-West United Bank S.A. - EFG Bank () S.A. - Elvinger, Hoss & Prussen, Avocats à la Cour - Erste Europäische Pfandbrief- und Kommunalkreditbank A.G. - Eurizon Capital S.A. - Eurobank Private Bank S.A. - EY - Fideuram Bank () S.A. - Frankfurter Volksbank International S.A. - Freie Internationale Sparkasse S.A. - Garanti Bank Branch - GPB International S.A. - Grant Thornton Weber & Bontemps - Hauck & Aufhäuser Privatbankiers KGaA, Niederlassung Luxemburg - HSBC Securities Services () S.A. - HSH Nordbank Securities S.A. - Hypo Pfandbrief Bank International S.A. - Hypothekenbank Frankfurt International S.A. - Industrial and Commercial Bank of China (Europe) S.A. - ING S.A. - J.P. Morgan Bank S.A. - John Deere Bank S.A. - KBL European Private Bankers S.A. - KPMG S.à r.l. - Kurt Salmon S.A. - La Française Bank - Landesbank Berlin International S.A. - LBBW Luxemburg S.A. - Linklaters LLP - Lombard Intermediation Services S.A. - Lombard Odier (Europe) S.A. - Loyens & Loeff S.à r.l., Avocats à la Cour - LuxGlobal Trust Services S.A. - M.M.Warburg & CO S.A. - Mediobanca International () S.A. - Mitsubishi UFJ Global Custody S.A. - Mizuho Trust & Banking () S.A. - Natixis Bank - NautaDutilh Avocats - Nomura Bank () S.A. - Norddeutsche Landesbank S.A. - Nordea Bank S.A. - Northern Trust Global Services Limited, Branch - OPF Partners - PayPal (Europe) S.à r.l. et Cie, S.C.A. - Pictet & Cie (Europe) S.A. - POST Finance - PricewaterhouseCoopers, Société coopérative - RBC Investor Services Bank S.A. - RBS Global Banking () S.A. - Sal. Oppenheim jr. & Cie. S.A. - Skandinaviska Enskilda Banken S.A. - SMBC Nikko Bank () S.A. - Société Européenne de Banque S.A. - Société Générale Bank & Trust - Standard Chartered Bank, Branch - State Street Bank S.A. - Sumitomo Mitsui Trust Bank () S.A. - Svenska Handelsbanken AB (Publ), Branch - TD Bank International S.A. - The Bank of New York Mellon () S.A. - UBI Banca International S.A. - UBS () S.A. - UniCredit International Bank () S.A. - UniCredit S.A. - Union Bancaire Privée (Europe) S.A. - Union Investment S.A. - VP Bank () S.A. - VP LUX S.à r.l. - YAPITAL Financial AG MERCI ALL ONSEN PARTNER MERCI ONSEN REGIERUNGEN ZËNTER 1939, ONSEN REGULATEUREN AN DEN STAATLECHEN VERWALTUNGEN E GROUSSE MERCI UN D CLIENTEN VUN DER FINANZPLAZ MERCI LËTZEBUERG ABBL_LBQ_75ans_27214_bordsperdus.indd 8 27/2/14 12:46