ING assists renminbi business around the clock

Luc Verbeken, CEO, ING Luxembourg. [Photo provided to China Daily]

ING Luxembourg was established 55 years ago and played a central role in the growth of the Grand Duchy's financial center. Over the 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 the group's strategy for the Chinese market.

Q&A: Luc Verbeken, CEO, ING Luxembourg

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 from Luxembourg?

Yes. We are working closely with them, as international servicing is in our DNA. Luxembourg is the second-largest fund center 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 ecosystem of tax specialists, lawyers and other service providers.

What sets ING Luxembourg apart?

We adopt a personalized 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 million 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 and The Banker over the past 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 serviceand global reach.

Contact the writer at David@the-businessreport.com