Deloitte : The German-speaking market in Luxembourg - “Nachgefragt”

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Second edition of the study and conference

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  • Picture1 Panelists Deloitte Conference 24 Feb 2015

    From the left: Marc Halmes, Yves Maas, Cindy Tereba, Jean-Marie Spaus and moderator Marc Glesener

As at 31 January 2015, 143 banks from 27 different countries were registered in Luxembourg. In total, 30 of these institutions are from Germany, making German banks still the largest group by some distance on the Luxembourg banking market. France occupies second spot with 15 banks, followed by Switzerland in third place with a total of 12 banks.

Over the years, Luxembourg has established itself as the biggest fund centre in Europe and the second biggest in the world, following the USA. When it comes to setting up funds in Luxembourg, German promoters occupy third spot with a 14.8% share of total net fund assets under management, behind the USA (22.5%) and the United Kingdom (16.4%). Switzerland holds the fourth place with 14% (as at September 2014).

Following on from the first edition of the brochure „Der deutschsprachige Markt in Luxemburg – Nachgefragt: Aus ganzheitlicher Perspektive“, the second edition was presented within the framework of a conference. The brochure includes a comprehensive market analysis of German-speaking companies and presents the views of various key figures from the fields of business and politics. In addition to banks and funds, areas such as Private Equity and Real Estate, PSF, insurance, public sector and European institutions, technology, media & telecommunications and the bioscience and healthcare sectors are examined.

On the occasion of the new study, Deloitte organised a discussion session entitled “ICT, a key industry for Luxembourg – differentiation, decisive factors, cybersecurity and data protection”, which featured guest speakers including Yves Maas from ABBL, Cindy Tereba from the Luxembourg Embassy in Berlin, Jean-Marie Spaus from POST and Marc Halmes from Deloitte Luxembourg.

Ruth Bültmann, Partner at Deloitte Luxembourg and Head of Activities for the German-speaking market: “In contrast to last year, when the focus was mainly on Germany, this year we are also throwing the spotlight on Luxembourg’s economic relations with Austria and Switzerland, ensuring that all German-speaking players on the Luxembourg market are covered”.

Alongside the traditional interviews with key figures from the fields of business and politics, which offer interesting insights into specific sectors, a discussion session was held with the German, Swiss and Austrian ambassadors prior to the launch of the brochure.

Jan van Delden, Partner at Deloitte Luxembourg, continues: “As another new feature this year, we have included opinions and guest contributions on specific, topical issues. In this context, we felt it was particularly important to give business owners the opportunity to have their say”.

The majority of Luxembourg’s trade is with its immediate neighbours – a phenomenon that is almost universal across Europe. Germany continues to be Luxembourg’s key trading partner, being the number one exporter and coming second after Belgium in the list of importers. Luxembourg is also of particular importance to Switzerland and Austria. In the case of Austria, for example, the Grand Duchy is not only a highly promising market, but also one of the largest markets where Austria’s Economic Chamber does not have a presence. Switzerland ranks third in the Luxembourg fund business and private banking sector while a potential for expansion for Suisse companies remains in the fields of logistics, energy and sustainable building.

Luxembourg also stands out on account of its innovation and research centres. Young people in Luxembourg enjoy outstanding development opportunities and are able to drive research forward. In recent years, also a number of top-class researchers have been attracted to Luxembourg.

Prof. Dr. Rudi Balling, Researcher at the University of Luxembourg: “I came to Luxembourg as it gave me the opportunity to develop a modern research institute at the interface between IT, biology and medicine, and to do so entirely in accordance with my own vision. This kind of opportunity doesn’t present itself every day. The government showed exceptional commitment, the financial support was outstanding and it was just the right time to take such a step”.

Ruth Bültmann resumes: “The study is a firm component of our German-speaking activities, accompanying recent market trends and developments.”

The full version of the study is available on the Deloitte Luxembourg website at

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