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Komfie Manalo, Opalesque Asia:

The government of Luxembourg has initiated moves outside of finance that makes it attractive to foreign banks setting up shop in Europe. Christophe Diricks, a partner at audit and financial consulting firm Deloitte, said that even within the finance sector, there are plenty of developments in Luxembourg.

"This includes the setup of new banks, who nowadays have to comply with very stringent regulatory rules," Diricks said at the latest Opalesque Luxembourg Roundtable.

He added, "At Deloitte we have recently assisted the implementation of new Chinese banks coming to Luxembourg and of the first EU-Islamic bank which will be set up in Luxembourg. That means we still see new players coming to Luxembourg like in banking, despite the fact that the bank business is a bit tougher these days with the European banking business facing new regulations. Still, Luxembourg is selected as the first place for those banks to set up in Europe, which is a very positive sign regarding the future. As a result, Luxembourg is increasingly becoming the European hub of choice for expanding banking groups in the EU."

The Opalesque Luxembourg Roundtable was sponsored by Maples Fiduciary and ......................

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