Luxembourg, le 22 April 2014
Luxembourg: an attractive location for treasury and corporate financing operations
During a press conference, which has been held in the Places d’Armes Hôtel in Luxembourg today, François Masquelier, Chairman of the Association of Corporate Treasurers in Luxembourg (ATEL), Olivier Robin, Board member of ATEL and Brice Lecoustey, Partner, responsible for advisory and treasury activities at EY Luxembourg, have been pleased to announce the inaugural edition of a new publication on Luxembourg as an attractive location for treasury and corporate finance operations.
As many companies aspire to expand and centralize their treasury activities, the Grand Duchy of Luxembourg has positioned itself as a perfect place for groups looking to relocate their treasury management centers.
When asking Olivier Robin of ATEL if he sees benefits to promote the Luxembourg financial place as a center for the international treasury function of multinational groups he answers: “We are increasingly being approached by groups looking for Luxembourg to set up their regional or worldwide treasury and financing operations. Luxembourg appears as one of the most stable and efficient environment in the EU as regards tax, legal and regulation matters. Moreover, the country attractiveness for treasury and financing activities is based on four pillars including the working conditions and cost, the infrastructure, the stable tax system and the financing possibilities which make Luxembourg so unique.”
“Apart from its expertise in the fund administration and the banking sector, Luxembourg has competence in other industries. It is therefore not a coincidence that many international groups have opted for this location and its operational excellence”, adds Brice Lecoustey.
And last but not least, the Luxembourg banking community is endowed with a state-of-the-art support infrastructure for treasury and financing-related operations while being easily accessible by companies. With its extensive double tax treaty list and its infrastructure, Luxembourg proves to be a tier-one location for cash-pool centers, often combined with treasury and financing activities and accounting shared service center.
François Masquelier concludes: “ATEL, through LCTE (“Luxembourg Corporate Treasury Expertise”), undertakes to play a major role in promoting the Grand Duchy and to promote our country as a key hub for treasury and financing operations abroad. ATEL will assist multinational companies wishing to move their treasury or financing centers to Luxembourg and will play a role of “facilitator” and support to new comers. Because ATEL is respected internationally and through its numerous publications and trainings sessions, it will also make an active contribution to promote Luxembourg’s benefits worldwide.”
ATEL was founded in 1994 by people active in Corporate Treasury Departments as well as Bank Corporate Desks. ATEL has two main objectives: to promote the treasury profession and then to be a forum to facilitate the exchange of information between its members. ATEL proposes throughout the year regular conferences as well as trainings and every quarter issues “the Magazine du Trésorier” that gets onto all treasury management topics. ATEL currently has 250 members, of which two thirds are corporate treasury professionals and one third being banking professionals. ATEL is founder member of EACT (European Association of Corporate Treasurers) and member of IGTA (International Group of Treasury Associations).
To know more about ATEL, please visit its website: www.atel.lu.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies all over the world. We develop outstanding leaders who team up to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, our clients and our communities.
EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com/lu.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Download the press release (pdf, 311kb).