Company: Banca March SA Luxembourg Branch
Interviewed person: Paloma García
Position: Director of Adminsitration & Operations
Briefly describe your professional career and the activity carried out by your company.
My professional career in the banking sector started shortly after my arrival in Luxembourg. I joined the Process & Risk Management team at BGL FORTIS in 2006. This first experience in a cross-border team (Luxembourg, Belgium and the Netherlands) taught me the important link between banks and the European regulators. In 2010 I joined the Wealth Management team where I discovered the other vital part of this business, the clients. In 2014 I continued in the same area, but at a Spanish bank abroad, Banca March. Banca March’s branch in Luxembourg specializes in wealth management. The clients have their portfolios in Luxembourg and the operations are carried out from there.
What added value do you think the SFF can bring to the financial services industry in Luxembourg and its professionals?
Given the growth Luxembourg has experienced in the 16 years I have been here, I think that the SFF is the necessary initiative to take advantage of the inertia of this development to publicise the excellent service provided by Spanish entities at national level and to show that this know-how can be exported to the Luxembourg market, both for Spanish clients and for those of any other nationality, regardless of their tax residence.
As coordinator of the Banking area in the SFF, what actions would you like to implement in the short term?
First of all, to achieve a good coordination between the Spanish entities based in the Grand Duchy to achieve the best platform to launch our activities. Once this base has been established, and thanks to the good work of the Chamber of Commerce, the relations with the other organisations and entities in Luxembourg, together with the collaboration of our professionals in the sector, will guide us in the challenge we have set ourselves in this new adventure with the SFF.
Do you think it is necessary to improve the image projected by Luxembourg in Spain, mainly in professional environments?
Given Luxembourg’s past in the financial sector, we sometimes observe that certain aspects of the past still weigh heavily. The Community legislation applied in all the countries of the Union, including Luxembourg as one of its founding members, leave no room for doubt as to its status as financial centre ot only in Europe, but also worldwide.
Which advantages do you think Luxembourg offers in your sector compared to other EU countries?
Luxembourg is one of the founding members of the EU. Its status as a country with a Triple A rating, its economic data and its business model in continuous development, seeking new opportunities in sectors as varied as aerospace, make this small country a very unique attraction that other larger European countries may not have.
How has your sector in Luxembourg been affected by Covid-19? What trends do you think will mark the future?
Covid-19 has reminded where Luxembourg is located on the map, financially speaking. This is an opportunity not to be missed to prove the quality and qualities of Spanish financial institutions in this market.