Watch on CNN: Luxembourg's appeal post-Brexit
Nicolas Mackel, CEO of Luxembourg for Finance, spoke with Joy Citradewi on CNN Indonesia about Brexit, Luxembourg’s role as a financial centre has to offer and future opportunities between Luxembourg and Indonesia in financial services.
Commenting on potential Brexit relocations, Nicolas Mackel said that a number of financial institutions have already chosen Luxembourg to set up their operations in the country or consolidate their existing activities following the UK’s decision to leave the European Union. In addition to being a leading wealth management hub, Luxembourg is also the number 1 investment fund centre in Europe. It is therefore natural that a lot of institutions decide to strengthen their existing activities or bring additional activities to Luxembourg. Moreover, several insurance companies have already chosen Luxembourg as their future EU base such as AIG, FM Global, CNA Hardy, Hiscox, RSA, Liberty Mutual as well as Tokio Marine, Aioi Nissay Dowa Insurance and Sompo International.
Nicolas Mackel also commented on new opportunities in financial services between Luxembourg and Indonesia among which Islamic Finance and Green Finance, two areas in which Luxembourg, thanks to its existing expertise, can act as an international platform for Indonesian financial institutions and issuers, especially in raising international capital.