Watch on CNBC : Luxembourg’s post-Brexit appeal
Nicolas Mackel, CEO of Luxembourg for Finance, spoke with CNBC Squawk Box in London about Brexit negotiations, financial supervision and the key factors that make Luxembourg an attractive destination for financial institutions.
Luxembourg is emerging as an important destination for financial institutions post-Brexit. Companies including M&G, AIG, Hiscox, FM Global, CNA Hardy and RSA have made Luxembourg their new EU-hub.
Nicolas Mackel details the wide range of factors, both in terms of hard and soft infrastructure, making the country attractive.
“First of all is the international dimension. Luxembourg is a very multi-national and multi-lingual country. You can speak English for instance with the authorities. Second, Luxembourg is a very stable country from an economic and political point of view.”
When asked about financial supervision, Nicolas Mackel points out that Luxembourg is very strongly committed to the supervision of its financial centre.
«Luxembourg has a separate dedicated insurance regulator. The GFCI ranks Luxembourg second in the EU after London. You only get to this position when you attach great importance to credibility. We are in favour of sound regulatory supervision and a level-playing in supervisory action.»
Watch the full news clips here:
Luxembourg’s post-Brexit appeal: http://www.cnbc.com/video/2017/07/03/luxembourgs-post-brexit-appeal.html
Luxembourg is strongly committed to financial supervision: http://www.cnbc.com/video/2017/07/04/luxembourg-is-strongly-committed-to-financial-supervision-ceo.html
Preparing to be ready on day one: http://www.cnbc.com/video/2017/07/03/preparing-to-be-ready-on-day-one-of-brexit-ceo.html