"The financial centre's image is sometimes more negative at home than abroad"

Luxembourg for Finance was officially established on 1st January 2008 by a bill. But one should not assume that it was born out of the emerging financial crisis. The idea dates back several years, to the corridors of the Association of Banks and Bankers of Luxembourg (ABBL). This was already the leading professional organisation in the financial centre, driven by the private banking sector, which was still attracting savings from people in neighbouring countries – from Belgian dentists to German BMWs (Bäcker, Metzger, Wirte; in English: bakers, butchers and restaurant owners).

"Since 2000, the ABBL had already had a promotion committee in which bankers discussed amongst themselves the joint efforts they could make to present the financial centre in a more positive light abroad, " recalls Fernand Grulms, an economist at the ABBL before becoming the first CEO of Luxembourg for Finance. "This committee subsequently published brochures and leaflets, whereas previously each player had to produce its own documentation, which was very similar to that of the others." The ABBL also launched a website entitled 'Luxembourg for Finance' – the implication being: 'choose Luxembourg for Finance'. Then, in 2003, it was the turn of another association within the financial centre to innovate in order to expand its client base: the Luxembourg Association of Investment Funds (Alfi) launched promotional tours abroad to raise awareness of the financial centre and its strengths.