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Over the past two decades, the Luxembourg private banking industry has frequently been said to be at a crossroads. In 2000, the Feira Agreement laid out for the first time the principle of “exchange of information” between tax authorities. Then the financial crises of 2002 and 2008 significantly altered the country’s banking landscape.
Strong regulatory pressure has since led to the introduction of multiple regulations lying behind esoteric abbreviations — such as CRD, MiFID or PSD — and this industry that had remained relatively untouched until recently has increasingly been affected by consolidation. Most recently, major players have been strategically repositioning themselves towards a more demanding clientele of HNWIs and UHNWIs who require products and services of...
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