Luxembourg : Your best place for treasury
During a press conference held in the EY Luxembourg office, François Masquelier, Chairman of the Association of Corporate Treasurers in Luxembourg (ATEL) and Brice Lecoustey, Partner, Responsible for the consulting activities at EY Luxembourg, have been pleased to announce the launch of a new joint publication entitled Luxembourg, your best place for treasury.
As many companies aspire to expand and centralize their treasury activities, the Grand Duchy of Luxembourg has positioned itself as a perfect place for multinationals looking to relocate their treasury management centers.
Luxembourg appears as a stable and efficient environment in the EU as regards tax, legal and regulation matters. The country’s attractiveness for treasury and financing activities is also based on several pillars including the working conditions, labour cost, the infrastructure and the financing opportunities which make Luxembourg so unique.
Following the major changes that have started to deeply undermine the market and question some longstanding principles, Luxembourg has implemented several initiatives to address the new arising challenges for treasurers including robotic processes automation, data analytics, blockchain technology and Fintech. As a result, 34% of the Luxembourg financial sector players engaged in joint-partnerships with Fintech companies.
“Apart from its expertise in the fund administration and the banking sector, Luxembourg has competence in other industries. It is therefore not a coincidence that many international groups have opted for the Grand Duchy devoted to operational excellence”, adds Brice Lecoustey.
Last but not least, the Luxembourg banking community is endowed with a state-of-the-art support infrastructure for treasury and financing-related operations while being easily accessible for FinTech, start-up and more mature companies. With its deep connection between the banking industry and corporate treasurers, Luxembourg has proved to be a location of choice for cash-pool centers, combining treasury and financing activities and accounting shared service centers.
François Masquelier concludes: “ATEL undertakes to play a major role in promotig the Grand Duchy and to promote our country as a key hub for treasury and financing operations abroad. ATEL will assist multinational companies wishing to move their treasury or financing centers to Luxembourg and will play a role of “facilitator” to support new comers. In addition to being recognized internationally, ATEL releases numerous publications and organizes trainings sessions on a regular basis, while making an active contribution to promote Luxembourg beyond national borders.”