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The European Private Banking Group Munich Guiding Principles

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The European Private Banking Group Munich Guiding Principles AMSTERDAM BRUSSELS LONDON 2017 ANNUAL REPORT LUXEMBOURG MADRID THE EUROPEAN PRIVATE BANKING GROUP MUNICH GUIDING PRINCIPLES MISSION TO PRESERVE AND GROW EACH CLIENT’S WEALTH ACROSS GENERATIONS VISION TO BE RECOGNIZED AS A TRUSTED PARTNER AND LEADING PRIVATE BANK EVERYWHERE WE OPERATE I C E INTEGRITY COMMITMENT EXCELLENCE VALUES INTEGRITY, COMMITMENT AND EXCELLENCE 2 2017 ANNUAL REPORT EUROPEAN NETWORK Founders Court, Lothbury Herrmann Debrouxlaan 46 43, boulevard Royal Herengracht 537 London EC2R 7HE B-1160 Brussels L-2955 Luxembourg 1017 BV Amsterdam United Kingdom Belgium Luxembourg The Netherlands www.brownshipley.com www.pldw.be www.kbl.lu www.insingergilissen.nl 57, Calle Serrano 2, boulevard E. Servais Pacellistrasse 16 E-28006 Madrid L-2355 Luxembourg D-80333 Munich Spain Luxembourg Germany www.kbl-bank.es www.puilaetco.lu www.merckfinck.de 2017 ANNUAL REPORT 3 CONTENTS 5 WELCOME FROM THE GROUP CEO 7 DIRECTORS & MANAGEMENT 10 2017 IN REVIEW 12 KEY CONSOLIDATED FIGURES 15 CONSOLIDATED MANAGEMENT REPORT 26 2017 IN REVIEW: AFFILIATES 30 NON-FINANCIAL & DIVERSITY INFORMATION 37 NON-CONSOLIDATED MANAGEMENT REPORT 38 APPENDICES 48 CONTACT INFORMATION 4 2017 ANNUAL REPORT WELCOME FROM THE GROUP CEO Thank you for your interest in KBL European Private But we also know Bankers, the pan-European private banking group that organizational headquartered in Luxembourg. excellence alone is insufficient, and that As Europe’s only network of boutique private banks, providing superior KBL epb builds on the heritage and track record of our products and great strong domestic brands – with deep local knowledge service is likewise not and cross-border expertise – to meet the evolving enough. needs of each individual we have the opportunity to serve. In an era broadly characterized by mistrust and disbelief, every organization – no matter their sector of activity, Reflecting our mission to preserve and grow each no matter how large or small – must act responsibly and client’s wealth across generations, we harness our embrace the principles of sustainability. group’s collective insights to better serve every client, whatever their needs and wherever they are based Ten years after the start of the global financial crisis, – providing customized, integrated solutions for this is a burden that banks, in particular, must bear. individuals, entrepreneurs and families, institutions, That’s why, at KBL epb, we take very seriously our family offices and external asset managers. obligations as a trusted employer for our people, trusted partner for our clients and trusted corporate With a wealth management offering that includes citizen, which adds value to the community in every investment management, financial planning and market in which we operate. lending, we are focused on ensuring client proximity, organizational efficiency and consistency over time. In Today, it is not enough to do well, although parallel, we continue to actively invest in digital tools performance matters greatly. We must also do good to enhance client experience. if we wish to have access to clients, capital and talent. With the full support of our shareholder – Precision If we can provide further information about our Capital, a Luxembourg-based bank holding company commitment to acting responsibly, our services or supervised by the European Central Bank – KBL epb how we can put our experience and expertise to work continues to pursue a long-term growth strategy, for you, please do not hesitate to contact any of our including organic, semi-organic and external offices across Europe, or to contact me directly. initiatives, as we consolidate our industry leadership status across Europe. Sincerely, Our success in that regard continues to be widely recognized. In 2017, for the third consecutive year, KBL epb was named among the “Outstanding Private Banks in Europe” at the Private Banker International Global Wealth Awards and, for the second year in a row, the “Best Private Bank in Luxembourg” at the PWM/The Banker Global Private Banking Awards. Peter Vandekerckhove Group Chief Executive Officer We are sincerely grateful for the external recognition & Executive Board Member earned by our 2,000 smart, hardworking people. [email protected] 2017 ANNUAL REPORT 5 6 2017 ANNUAL REPORT DIRECTORS & MANAGEMENT JAN MAARTEN DE JONG MAURICE LAM Chairman Director GEORGE NASRA ANNE REULAND Vice Chairman Director BOARD OF DIRECTORS OF BOARD ALFRED BOUCKAERT 1 YVES STEIN Director Director NICHOLAS HARVEY 2 PETER VANDEKERCKHOVE Director Director ANNE RUTH HERKES ALBERT WILDGEN Director Director 1 Until January 31, 2018 2 Replacing Yves Stein as of February 1, 2018 2017 ANNUAL REPORT 7 1 PETER VANDEKERCKHOVE 3 SIEGFRIED MARISSENS Group CEO Secretary General CARLO FRIOB PAUL SCHOLTEN CEO, Luxembourg Group COO EXECUTIVE COMMITEE RACHEL HAMEN 4 ANTHONY SWINGS Group CFO Group Chief Risk Officer 2 BRUNO LÈBRE Group Chief of Wealth Management Solutions s OLIVIER DE JAMBLINNE DE MEUX 6 ALAN MATHEWSON Banque Puilaetco Dewaay Luxembourg Brown Shipley 5 AMAURY DE LAET MATTHIAS SCHELLENBERG AFFILIATE CEO AFFILIATE Puilaetco Dewaay Private Bankers Merck Finck RAFAEL GRAU 7 PETER SIERADZKI KBL España InsingerGilissen 1 As of January 1, 2018, replacing Yves Stein 2 As of July 1, 2017 3 As of January 1, 2018, assuming responsibility for Compliance & Regulatory Affairs from Yves Pitsaer 4 As of January 1, 2018, assuming responsibility for Risk from Yves Pitsaer 5 As of February 1, 2018, replacing Thierry Smets 6 As of April 3, 2018, replacing Ian Sackfield 7 As of November 1, 2017, following tenure as CEO of Insinger de Beaufort and that of Tanja Nagel as CEO of Theodoor Gilissen 8 2017 ANNUAL REPORT PHILIPPE AUQUIER ÉRIC MANSUY Group Head of Asset Liability Management & Treasury Group Head of IT & Operations CAROLINE BAKER NICHOLAS NESSON Group Head of Human Resources Group Head of Corporate Communications GUILLAUME DE GROOT-HERZOG VINCENT SALZINGER Head of Real Estate & Logistics, Luxembourg Group Head of Compliance MANAGEMENT ERIC COLUSSI MARK SELLES Head of Lending, Luxembourg Chief Transformation Officer RAFIK FISCHER ANDRE SEREBRIAKOFF Group Head of Global Institutional & Professional Services Head of Legal, Luxembourg OLIVIER HUBERT BERNARD SIMONET Group Head of Tax Head of Human Resources, Luxembourg FLORENT LACOMBE THIERRY THOUVENOT Group Head of MIS & Procurement Group Head of Internal Audit CÉDRIC LEBEGGE STEFAN VAN GEYT Group Head of Project Management Office Group CIO FRANÇOIS LENERT PHILIPPE VAN DOOREN Group Head of Global Markets Head of Process Management PHILIPPE MAIRLOT QUENTIN VERCAUTEREN DRUBBEL Head of Accounting, Luxembourg Head of Wealth Management, Luxembourg Independent auditors responsible for external audit: Ernst & Young S.A. 2017 ANNUAL REPORT 9 2017 IN REVIEW JANUARY MAY KBL epb successfully closes the acquisition of Bruno Lèbre is appointed Group Chief of Insinger de Beaufort, a precursor to the merger Wealth Management Solutions at KBL epb between that private bank and Theodoor and Carlo Friob assumes the role of CEO, Gilissen, the group’s Dutch affiliate. Luxembourg. Brown Shipley successfully integrates The FEBRUARY Roberts Partnership, following the acquisition of the UK-based financial planning and wealth management firm in 2016. KBL epb opens its new private client reception in Luxembourg. KBL epb staff take part in the “Day for Cultural Diversity” by participating in a charity event with the Back to Sport association. MARCH JUNE Richard Stubbs is appointed Head of Lending at Brown Shipley. 130 Luxembourg-based KBL epb staff are As part of its long-term partnership with the recognized for their service to the nation by Philharmonie de Luxembourg, KBL epb invites the country’s finance minister, Pierre Gramegna. clients and prospects to a concert by the Solistes Européens. KBL epb presents its mid-year investment outlook at a series of press and client events. APRIL KBL epb staff take part in the “Wear Your Trainers” event and take more than 1 million steps in support of the charity ELA Luxembourg. Merck Finck sponsors a major exhibition of works by Gerhard Richter at the Folkwang Museum in Essen, Germany, inviting some 300 clients to a JULY/AUGUST private showing. For the fifth consecutive year, KBLepb staff take KBL epb Luxembourg successfully migrates its part in World Autism Awareness Day; staff also activities to a new IT platform. participate in the “Relay For Life,” organized by the Luxembourg Cancer Foundation. Brown Shipley announces sponsorship agree- ments with the Lancashire County Cricket Club and Emirates Old Trafford. KBL epb Luxembourg launches a long-term initiatives to promote diversity and, in particu- lar, gender parity. 10 2017 ANNUAL REPORT SEPTEMBER NOVEMBER Daniel Kerbach is appointed Chief Investment KBL epb reinforces its presence in the Officer at Merck Finck. Netherlands with the acquisition of Lombard Odier’s private banking business in that country. KBL epb sponsors the “Le Tournoi des Légendes” tennis tournament in Luxembourg. Merck Finck earns a “summa cum laude” rating from the Elite Report for the tenth consecutive Brown Shipley hosts a client lunch at the House year. of Commons with a keynote speech by former UK politician Michael Portillo. KBL epb is recognized by Luxembourg’s Ministry of Equal Opportunity for its commitment to diversity. OCTOBER InsingerGilissen serves as the main sponsor of the “International Documentary Film Festival KBL epb announces the appointment of Peter Amsterdam” and takes part in the opening of
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