Luxembourg highlights growth potential for Canadian financial sector across the European Union
A financial delegation headed by HE Pierre Gramegna, Luxembourg Minister of Finance, is in Toronto today to promote closer collaboration between Luxembourg and Canada in financial services.
The delegation, composed of 40 senior representatives from the Luxembourg financial services sector, takes part in a series of seminars organized by Luxembourg for Finance in partnership with the Toronto Financial Services Alliance (TFSA) at The Trump International Hotel & Tower under the theme “The Luxembourg financial centre: Your Gateway to Europe and beyond.“ The seminars, held for leading figures from Canada’s financial services industry, will focus on the cross-border expertise Luxembourg’s diversified financial centre has to offer private and institutional investors from Canada as well as its role as the ideal European hub for international banks, asset managers and other financial intermediaries.
Experts will also give their insights into how Canadian FinTech companies can leverage the proximity of a leading international financial centre as well as Luxembourg’s state-of-the-art ICT infrastructure to expand their business across the EU single market.
Commenting on the delegation’s visit, HE Pierre Gramegna, Luxembourg Minister of Finance, said: “I am excited to in Canada to reinforce the economic ties between our countries. As the euro zone’s leading international financial centre, Luxembourg is ideally placed to support Canadian businesses as they plan their entry into the EU market. 143 banks from 27 countries, including from Canada, have chosen to operate from Luxembourg across the EU´s single market.”
As the second largest fund centre worldwide, Canadian asset managers and institutional investors benefit from Luxembourg´s expertise in cross-border fund distribution. Canadian companies and public institutions also use Luxembourg to raise capital on the Luxembourg Stock Exchange (LuxSE), the leading centre for the listing of international bonds. More than 40,000 securities in 54 currencies are listed on the LuxSE, including 170 securities from 20 Canadian issuers.
In recent years, Luxembourg has also been very successful in developing a dynamic FinTech sector.
HE Pierre Gramegna, Luxembourg Minister of Finance continued: “Luxembourg, like Toronto, is continuously investing in new innovative sectors to diversify its financial centre. A growing number of FinTech companies from around the world, in particular start-ups, are setting up in Luxembourg to develop and market their product range. We hope to encourage Canadian FinTech companies to come Luxembourg to develop their business internationally and take advantage of our expertise, our leading-edge ICT infrastructure, and location in the heart of Europe. “