During the ceremony of the Global Private Banking Awards 2015 which was held in Singapore, ING Luxembourg was presented with the coveted award "Best Private Bank Luxembourg 2015".

The Banker (Financial Times) is a global reference in the areas of banking and finance. Read in more than 180 countries worldwide, it is the key source of information and analysis for the industry.

The objective of the award
The objective of this international award organised by the Financial Times is to collect quantitative and qualitative information from private banking institutions that can enable a panel of professional experts from the business world, based in the United States, Asia, Europe and the Middle East, to reward the most deserving candidate. Private banks active in the European, Asian, American or African markets that register for the contest provide the jury with growth and performance parameters as well as a presentation of their recent activities.

ING Luxembourg once again succeeded in convincing a jury made up of international experts in wealth management that its private banking team had successfully addressed the challenges arising in 2015.

The main challenges addressed
These challenges are mainly linked to the rapidly changing regulatory environment: the application of the automatic information exchange system and the directives of the Common Reporting Standard and FATCA, and also preparation for MiFID II.
ING Luxembourg’s private banking teams have succeeded in keeping most of their assets under management by limiting capital outflows, thanks to the measures that have been implemented for several years now (committee for new client approval and development of the Wealth Analysis & Planning service that have enabled better understanding and knowledge of the clients).

This year, the area of coverage for private banking has also been confirmed, in local as well as in international markets: Luxembourg, Belgium, France and the Netherlands and also Romania, Russia, Spain, Portugal, Morocco, Great Britain, etc.
Given the increasingly competitive banking landscape in Luxembourg, it is crucial to specialise in certain areas. That is why private banking, in addition to a broad range of basic banking services and solutions, offers individualised services in terms of portfolio management, credit solutions and wealth and estate planning.

"On this basis, ING Private Banking Luxembourg is well positioned to meet the increasing demand for custom-made solutions from very demanding local and international clients. This award once again this year recognises the efforts of an ambitious bank such as ours, which aims to become a centre of excellence in the Luxembourg market.", says Sandrine De Vuyst, Head of Private Banking, who is delighted by this excellent news.