In this context, the new prudential supervision body, the Single Supervisory Mechanism (SSM), led by the European Central Bank (ECB) and based in Frankfurt, will become one of the main players shaping the transformation of the Financial Services Industry in Europe. These changes will have a major impact on Eurozone banks and beyond, affecting business models and strategies.

For this reason, Deloitte has launched the Banking Union Centre in Frankfurt, a powerful pan European resource to meet the needs and requirements of the banking industry.

“We face a time of unprecedented supervisory and regulatory changes in the financial services industry. 2014 is a year of change for the banking supervision in Europe and major challenges arise from the establishment of the Banking Union.
The Banking Union Centre in Frankfurt is the Deloitte response to support our clients in tackling these challenges successfully and in a timely manner,” states Martin Flaunet, Partner at Deloitte Luxembourg.

Through the lens of the Banking Union, the Deloitte Banking Union Centre will be responsible for:

• Proactively identifying challenges for banks in scope of the SSM and providing direct support to their senior executives
• Acting as a catalyst for pooling Deloitte’s capabilities across the SSM region. The Centre will provide a single point of contact for the cross-border support
• Channeling and sharing insights from Deloitte professionals into key issues facing senior-level decision makers within banks

Deloitte has established this permanent presence by bringing together a multidisciplinary team of senior and experienced professionals from its Financial Services practices across Europe including professionals from Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Spain and the UK.