Michael Burch (ING): Driving transformation: strategic focus for ING luxembourg
Michael burch, CEO of ING in luxembourg, spearheads a strategic shift towards wholesale banking and private banking
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How is ING evolving in the Grand Duchy?
We have made significant strides in shifting our focus to where we can make a real difference in Luxembourg. Over the past year, we have advanced our strategic shift towards Corporate and Institutional Banking (Wholesale Banking) and Private Banking, ceasing Mass Retail Banking services for private individuals. This change has allowed us to concentrate on clients with long-term investment needs, becoming an established player in personal and private banking. Our goal is to achieve a sustainable return while providing superior value and experience. We are a leading partner in Wholesale Banking, offering specialized lending, hedging solutions, payment and cash management, and fund services. Our belief in delivering superior sector expertise and personal banking relationships drives our ambition and our focus.
What is your strategy for the coming months?
Our priority will be to engage with our clients on important transactions. We aim to leverage the sector expertise and global network of ING as we build in Luxembourg a key European servicing hub for the funds industry. We are growing our teams with a mix of local and international experts. Our focus remains on being the top choice for institutional and large corporate clients. For our Personal and Private Banking clients we are working on a differentiating client experience fueled by the broad experience of our local team in investment products, wealth management, and international Private Banking.
"The current environment offers many possibilities for a group like ours, with its highly entrepreneurial culture."
What opportunities and risks do you see for Luxembourg in general and ING in particular?
The geopolitical and economic context, exacerbated by successive waves of regulation, inflation, recent cuts of interest rates, wars in Ukraine and the Middle East, are various factors that drive Luxembourg and the financial place to show resilience. The current environment offers many opportunities for Luxembourg as well as for a group like ours, with its highly entrepreneurial culture. Luxembourg possesses knowledge across a variety of fields including investment funds, banking, capital markets, insurance, FinTech, and sustainable finance which has produced an ecosystem that is unique to Europe. Through strong collaboration with financial institutions, state actors, authorities, and service providers in Luxembourg, banks like ING can benefit from this vibrant ecosystem, have access to specialized knowledge, and deliver complete client services. A challenge specific to Luxembourg is its dependence on cross-border commuters and expatriates: How will we continue to attract talent given the rising cost of living, the housing challenges and the preferences for remote working? I'm impressed by the level of expertise in our company, made up of many nationalities, both residents and non-residents: Their commitment and motivation are second to none. The past proves that Luxembourg has always been able to reinvent itself and take on new challenges. I am convinced that by working together, we can ensure that Luxembourg remains a leading international player.