“I have a real passion for the banking sector.” Dorian Rigaud did not become banking and capital markets leader simply to fill in after Bernard Lhoest’s retirement... but to tackle the market. “I came to Luxembourg as an auditor from Montpellier. I came to Luxembourg 12 years ago because of its financial centre. I now live here with my wife and children. I want to help strengthen and diversify the financial centre.”
In addition to his interest in classic dynamics, from new models linked to credit losses, to regulatory issues for investment funds, Rigaud is also interested in cryptos and especially blockchain, in line with the turn taken by the Big Four firm. In February 2022, EY announced that it was bringing together “banking” and “fintech” in order to work on the banking sector, payments, virtual currencies and blockchain at the same time--which has already been the case for around ten years.
Stability and AAA, two assets
“There are new growth drivers to be found for the financial services industry, for private banking and for other players. And we will have to look for them with the new ABBL team led by Jerry Grbic and the other players,” explains Rigaud. “While Luxembourg is not necessarily going to be a ‘first mover,’ it must be agile enough to transpose the new regulations and offer a stable framework to companies that want to transfer activities from Luxembourg.
The new banking and capital markets leader counters the country’s political stability with the difficulties that lie ahead in the areas of talent and housing. “An opportunity,” he says, “like AAA. People may think that digitalisation is never going fast enough, but IT has become the banking sector’s second biggest expense after human resources, and the third biggest is IT consultancy. There is a growing awareness of the need to improve operational efficiency. Between DLT, AI and cryptos, banks and different players are definitely going to collaborate.”
Rigaud will have fintech leader Romain Swertvaeger (aged 38) to support the banking transformation through technological advances, open banking and further collaboration with the payments and fintech ecosystem.
“Bernard’s exceptional leadership in serving our banking customers has been undeniable. I have every confidence that Dorian and his team will bring fresh perspectives to guide our clients through the challenges, helping them to capitalise on opportunities and drive sustainable growth in an ever-changing market, building on Bernard’s legacy,” said EY country manager Olivier Coekelbergs.
This story was first published in French on Paperjam. It has been translated and edited for Delano.