Luxembourg for Finance to set sights abroad

(CS/LB) Under a new management, public-private partnership Luxembourg for Finance (LFF) is set to become more international, setting its sights on thriving markets abroad.

LFF was set up in 2008 to promote Luxembourg as a financial centre. Current Director General Fernand Grulms has stood at the helm of the organisation since its creation.

On Thursday, Finance Minister Luc Frieden announced that he would be replaced with Nicolas Mackel, currently Honorary Consul of Luxembourg in Shanghai, as well as Executive Director of the Trade and Investment Office there.

Grulms will return to his post at the ABBL, which he left for the directorship of LFF.

"Luxembourg has to reposition itself"

Under the new management, LFF is set to become more international, cooperating closer with Luxembourg's trade offices and embassies abroad. The aim is to target countries with emerging and growing markets.

Finance Minister Frieden said that the initiative was moving into a crucial second phase, as financial institutions face new regulations and supervision, with closer cooperation between financial administrations. “Luxembourg has to reposition itself,” the minister said.

In order to fulfill its mission of a “coherent approach and more professionalism,” as Frieden put it, the budget of LFF will be increased. In 2012 the budget of LFF was 3.4 million euros. It was not revealed how high the revised budget will be.