ABBL’s Post

The unveiling of the new EU powerhouse is just days away. As the new political leaders will prepare to take their seats in Brussels this July, here are the crucial recommendations from the banking sector: https://bit.ly/3RivD8C Why does it matter? Europe is at a crossroads. Compared to other regions, its global influence is fading. The banking sector is pivotal in reversing this trend. A robust banking sector can: 1⃣ Finance critical investments needed for a more digitalized society. 2⃣ Support a greener continent through sustainable projects. 3⃣ Enhance defense capabilities to ensure better stability and security. A strong banking sector means Europe is better prepared to navigate economic and geopolitical uncertainties, while increasing its relevance on the global stage. 🗳️ The #EUElections are happening now, at a crucial moment when Europe risks becoming a passive observer in global affairs. This is the time for bold ambitions and decisive actions. It all begins with your vote. #FutureFinancingEurope #UseYourVote 

🏦 Luxembourg: A Global Financial Powerhouse. Learn more about what makes Luxembourg a financial powerhouse here - https://buff.ly/2GMWP99 Luxembourg’s banking sector is a cornerstone of its economy, positioning the country as one of the world’s leading financial centers. Known for its stability, highly developed infrastructure, and diverse economy, banking and financial services play a crucial role in Luxembourg's macroeconomic success. #LuxembourgBanking #GlobalFinance #FinancialCenter #EconomicStrength #BankingSector #StableEconomy

I have recently spoken with British Polish Chamber of Commerce (BPCC) Michal Dembinski about the future of Poland’s financial services sector. Here are some key takeaways: - Economic Landscape: High interest rates and cautious capital investments by Polish companies have increased foreign interest in private debt issuance, creating new opportunities for Polish businesses and competition for local banks. - Investment Climate: Political and legal risks have historically hindered investments, but projects like the Iron Dome and Eastern Shield are set to attract more foreign investors reframing Poland as a safe geopolitical investment location. Experienced UK companies continue to invest confidently in Poland. - Banking Sophistication: Poland’s retail and small business banking is globally advanced, yet corporate banking still lags behind Western counterparts. - Future Prospects: Poland’s strategic position and robust banking system provides a significant opportunity for regional expansion, driving growth in Central and Eastern Europe. Poland’s financial services sector is poised for growth, balancing challenges and opportunities ahead. Feel free to connect with me for more insights. Of course in the first place - I recommend reading the article https://lnkd.in/dpVRKxuR #Finance #Banking #Investment #Poland #Growth

Capital markets union #CMU in the #EU needs both resolute action from the top - convergence of regulations, for example, and a unified approach to disclosure, trading rules, and the like. But it also requires bottom-up efforts and support at the level of member states. Fragmentation of markets, of clearing and depositaries, differing tax and bankruptcy regimes, all play against the efficiency and attractiveness of EU capital markets. I was honoured to speak an those issues at a panel at the #Eurofi forum in Budapest and to contribute to the latest edition of the magazine (link below) EBRD focuses on the eastern part of the EU: countries of Central Europe, the Baltics, the Balkans. For that region, I shared some recommendations: - While outright #consolidation is not realistic, #cooperation is, especially in the field of the post-trade infrastructure. We are running a project with eight regional exchanges to look at how to achieve just that. - #Convergence is also promising, as the example of the Baltics demonstrates: through aligning their own rules and regulations more tightly (with EBRD help), the countries managed to convince index providers that they should be considered as a single market, thereby upgrading form #frontier to #emerging status. - The region’s savings is predominantly oriented to bank deposits. Developing an asset management, a pension and a fund offering would offer welcome avenues for retail to be put to more productive (and more profitable) uses. CMU is directly linked to the competitiveness of EU countries. The time to act is now, we heard many times at Eurofi. EBRD will continue supporting it and is ready to accelerate! Jim Turnbull Melis Ekmen Tabojer Andreea Moraru Charlotte Ruhe Jurgen Rigterink Odile Renaud-Basso Christoph Denk Alexander Pivovarsky Mark Davis https://lnkd.in/eTVue_N9

We're back with new reading material to explore the latest developments in financial regulation within the CEE region in our "to the point" newsletter. Our experts, Kristýna Tupá, Martin Svoboda, Ondřej Havlíček, Karolína Hlavinková, Weronika Paula Kapica, LL.M. and Veronica Das Alexeev, provide updates on #ESG, capital markets and #banks in the European Union, Poland and Romania. Check it out here: https://lnkd.in/d5rtag4m #financialregulation #capitalmarkets #investmentfunds #banking

How is wealth perceived in Luxembourg today? Is it primarily based on money or quality of life? A new survey published by Swissquote Bank Europe provides unique insights into Luxembourg wealth trends. 📥 Download the report and discover its findings now! https://lnkd.in/eyPcBdG8

Today, an insightful article by Investment Officer Luxembourg provides an in-depth analysis of the ongoing collapse of Banque #Havilland, exposing deeper systemic failures that echo unresolved issues dating back to the #Kaupthing crisis in 2009. For the past 15 years, I have continuously contested the practices of the former Kaupthing bank, which have now culminated in significant regulatory sanctions by the European Central Bank and the Commission de Surveillance du Secteur Financier (CSSF). The ex-Kaupthing saga is a complex case, but it serves as a clear example of how conflicts of interest can lead to disastrous consequences for a bank's client. The article emphasizes how Luxembourg's financial sector has once again failed to ensure the necessary levels of transparency and accountability. These same concerns about governance and compliance were at the forefront during the sale of Kaupthing's Luxembourg unit, which led to the creation of Banque Havilland and #PillarSecuritization, both controlled by the Rowland family. The current downfall of Banque Havilland is not merely a regulatory issue—it signals a critical need for reform in Luxembourg's financial system (particularly but non only on the conflicts of interests resolution). My own case, in which €123 million was wiped out in just 50 minutes due to predatory financial actions, illustrates the urgent need for such reforms. While the Supreme Court of Luxembourg ruled in my favor, enforcing the decision remains challenging due to the legal countermeasures implemented by ex-Kaupthing's lawyers to shield themselves and anybody involved from potential repercussions should I prevail, as I have. As I stated to Investment Officer: "Luxembourg must change. This case will hopefully force that change, and it cannot be stopped now." I add, this is not only for me and my family but for anyone who might find in a similar situation. * * * For further details on this case and its implications for Luxembourg's financial governance, read the full article. #FinancialLaw #BanqueHavilland #KaupthingCrisis #RegulatoryReform #Luxembourg #CorporateGovernance #ConflictOfInterest #AML #LegalBattles #InvestmentOfficer Raymond Frenken AMSF - Autorité Monégasque de Sécurité Financière FMA - Financial Market Authority Liechtenstein Financial Conduct Authority Swiss Financial Market Supervisory Authority FINMA European Public Prosecutor's Office (EPPO)

On the difficulties of European integration even in the midst of crisis. "In response, he said the EU needs to be less naive about adopting protectionist measures when its interests are threatened, since neither China nor the US is respecting the World Trade Organization rules any more. In addition, the EU’s budget should be increased by €1 trillion to accompany the rise in private investment by creating a single market in financial products and savings. ... But the final piece of Europe’s so-called banking union — joint deposit insurance — is missing. Germany and like-minded countries have blocked efforts to move ahead, arguing that savers in their country shouldn’t be on the hook for losses at banks in other countries. Bankers frequently say this hinders cross-border mergers in the bloc because funds in one country aren’t deemed to be as safe as those in another. There’s also that fundamental European problem, that member states are reluctant to see their national champions bought up by bigger rivals, even if it helps to add muscle for the European economy as a whole."

As always European Financial Congress is a great opportunity for provocative discussion - big kudos to Raphael Minder for perfectly running a challanging, early morning, panel on why Poland still does not have a global bank. While some believe that economic growth and export activity should go in line with international expansion of local banks, the reality is not always aligned with those wishes. Interestingly, the largest German or Indian banks - leading world exporters- are, respectively, only #26 and #47 in the world. The largests banks from core CEE are only now entering the list of 50 largest in Europe, somewhere in the bottom of ranking by assets. Clearly, more stability and less, often unexpected and unforeseen, capital charges hitting banking system in Poland, such as asset tax, BFG contribution, CHF reserves or credit holidays would positively contribute to building the capital base of Polish banks and support them in their international expansion. On a positive note however, Polish corporates and exporters are strongly supported by all international banks present in Poland. We, at BNP Paribas, operate across 5 continents and are actively supporting Polish clients both in Poland and abroad and so do many other banks. Looking forward to next year’s debates and certainly by then Polish and CEE banks in general will progress in the rankings! Thanks a lot again to Raphael Minder from Financial Times to perfectly moderating this debate to all participants Elzbieta Czetwertynska, Marek Lusztyn, Przemek Paprotny and Maciej Szczesny for providing insightful comments and remarks. #EKF #panel #positivebanking #BNPP

#iFXTALKS 💫Finance in Flux: Adapting to a Winds of Change💫 In 2024, as Christine Lagarde, president of the European Central Bank, astutely observed, 'It is not normality that we are heading to.' This sentiment encapsulates the economic landscape of our time—a realm characterized by perpetual flux and uncertainty. Our leading industry experts will be discussing the adaptive strategies of finance in responding to these multifaceted challenges. ✅ How Can Financial Institutions Build Resilience Amid Economic Shocks? ✅ What Role Does Sustainable Finance Play in Today’s Economy? ✅ Can Emerging Technologies Redefine the Financial Sector? ✅ How Do Geopolitical Ripples Reshape Financial Seas? 🔈 Naeem Aslam, QFA, Columnist | CIO at Nasdaq | Zaye Capital Markets Christophoros Anayiotos, Board Member, Deal Advisory at KPMG Cyprus Gerald Perez, CEO - UK of Interactive Brokers Hormoz A Faryar, Managing Director - Institutional at ATFX Alex Phillips, Senior Vice President & Fintech Leader FINPRO at Marsh Oren Danziger, Managing Director, Finvasia Wealth FINVASIA/ZuluTrade 👀Agenda https://lnkd.in/dghJHmrt 🔗Register here https://lnkd.in/eGfSwaQT 📅 June 20th 🕰️ 14:15 📍 Speaker Hall, City of Dreams Mediterranean #iFXEXPOInternational2024 #iFXEXPOInternational #iFXEXPO #Cyprus #UltimateFintech #Networking #Business #Tech #Technology #OnlineTrading #Finance #Fintech #B2BMarketing #Exhibitions #Finance