On 29 September 2022, the Private Banking Group, Luxembourg (PBGL) of the ABBL celebrated its 15th Anniversary in the presence of Mr. Claude Marx, Director General of the CSSF, who gave a keynote speech highlighting the growth of the assets under management in the industry reaching €600 billion euro end of 2021, despite the financial crisis, a complete revamp of the European banking regulation, the end of professional secrecy and the recent pandemic crisis.


It was also the occasion to present an innovative initiative supported by the PBGL and presented by Isabelle Delas, CEO of LuxFlag: a new LuxFLAG label dedicated to ESG discretionary mandate. The eligibility criteria for the LuxFLAG ESG Discretionary Mandate Label will be available soon.


Furthermore, the PBGL and KPMG Luxembourg, in cooperation with the CSSF, worked together on the second edition of the report named “Clarity on performance of Luxembourg Private Banks” providing a more granular view of statistics for the private banking sector in Luxembourg.


By Fabio Mandorino, Senior Adviser - Member Relations