Treasury in a new era:
François Masquelier, CEO of Simply Treasury, and Nick Ashton, Country Head of Global Payment Solutions for Luxembourg, HSBC, discussed the future of the treasury profession, which will be significantly impacted by the European instant payments obligation and the ISO 20022 standard, the new universal standard for the exchange of electronic data and financial messages between banks and market infrastructures. According to Masquelier, corporate treasury will move away from a traditional model tied to banking hours towards real-time, continuous (24/7) liquidity management. Ashton shares this view, though he believes the pace of this shift will depend on the adoption of new technology: „At the moment, it is uneven. We see some treasurers really taking advantage of the new technology, but others are probably still waiting to see what happens.“
Corporate financing:
As major players in corporate lending in Europe, banks are facing new capital requirements aimed at limiting risk. Biagio Calabrese, Head of Corporate Finance & Advisory, IMI CIB Division, Intesa Sanpaolo, notes that these new constraints have not resulted in a contraction of credit. Instead, banks have adapted their model: they continue to originate financing but can subsequently transfer part of the risk to other financial players. This shift gives private credit a new role to play. Frédéric Cassini, Head of Corporate Finance, Banque Internationale à Luxembourg, believes the relationship is moving from one of competition to one of complementarity with banks. Banks remain very often on the front line for companies with strong credit quality. For trickier cases, private credit can fill the gaps thanks to greater flexibility, a greater capacity to take on risk, and a stronger ability to execute.
Adapting in the face of crises:
During an enlightening fireside chat, Laurent Nittler, Executive Director, Natixis Corporate and Investment Banking Luxembourg, questioned Maxim Strauss, Executive Vice President and CFO of Cargolux, on the strategy adopted by the Luxembourg-based group in the face of mounting geopolitical and economic crises. These crises call for rapid adaptation, explains Strauss, who highlights the very sharp rise in fuel costs over the course of 2026. He also points to the advantage of not being listed on the stock exchange, which allows the company to build very long-term banking relationships, a valuable asset in times of difficulty.
A second life for securitisation:
Since the 2008 financial crisis, securitisation has been a practice that stirs concern across Europe. Yves Cacclin, Head of Global Banking & Advisory, Société Générale Luxembourg, nevertheless points out that a European reform is currently under discussion in trilogue at European level. The aim is to relax the rules, notably by reducing capital requirements, in order to free up bank capital so that new loans can be financed. „Traditional asset classes will remain the foundation,“ he explains, „but new sectors, such as data centre lending, are beginning to emerge.“ For her part, Lynn Alzin, Partner, Arendt & Medernach, notes that Luxembourg, which has had a legal framework dedicated to securitisation since 2004, could directly benefit from a relaxation of European rules.