Luc Verbeken
CEO of ING Luxembourg
Finance / Luxembourg
“We offer a local service and global reach”
ING Luxembourg was established 55 years ago and so was able to play a central role in the blossoming of the Grand Duchy’s financial centre. Over these decades it has built expertise in the investment fund sector, private banking, financial markets, commercial banking, and retail banking. ING Luxembourg CEO Luc Verbeken explained their strategy for the Chinese market.
How is your bank positioned locally and globally?
We are one of the largest banks in the Grand Duchy with 800 staff and we are part of the major international ING Group. The group has been present in China for 25 years, including a decade-long partnership with the Bank of Beijing.
Are Chinese asset managers embracing the opportunities of Luxembourg?
Yes. We are working closely with them, as international servicing is in our DNA. Luxembourg is the second largest fund centre in the world and is the leader in cross border funds, so it is the obvious choice. Whether clients want to establish UCITS funds for retail investors, or alternative investment funds for sophisticated clients, the country has a well stocked “toolbox” to satisfy every need. There is a complete eco-system of tax specialists, lawyers and other service providers.
What sets ING Luxembourg apart?
We adopt a personalised service approach. For example, regarding depository banking we are flexible in the way cash and the depositary services are managed. This enables us to execute orders quickly, accurately and efficiently. This is just one aspect of the full range of services we have provided for decades to international asset managers.
How do you see the development of the wealth management industry?
In China alone, 40,000 new millionaires are emerging every year. Currently there are 1.1 millionaires worldwide, so clearly this is a sector with growing potential. Wealthy people are mobile and need their global assets managed in a seamless fashion. We have the experience to deal with every aspect of this challenge, expertise which has won us the award of “Best Private Bank Luxembourg” from the Financial Times & The Banker over the last two years. If you add to this the reach of the ING group in China, across Asia and beyond, it makes a strong service offering for our demanding clients.
What is your strategy regarding China?
Our group has been in China for 25 years, with a highlight being the large, minority stake we took in the Bank of Beijing. We are in Hong Kong and Shanghai and are currently converting our representative office in Beijing into a full branch. The group is focused on renminbi business, with round the clock operations in Hong Kong, Singapore and London. ING Luxembourg works closely with colleagues in these offices to help our Chinese clients engage with Europe. We also provide renminbi solutions out of Luxembourg. In everything we do, we offer a local service and global reach.
