Despite the situation in 2020, Deutsche Bank Luxembourg announced net income up 4%, from €88m to €91m. “2020 has been a difficult year, but one that has allowed us to experience success,” said Rückbrodt, chief country officer Luxembourg since 1 January of this year.

He doesn’t, however, take ownership of this success, but explains it by "the effectiveness of the transformation strategy that we have been deploying for five years." He also specifies that this desire to transform will continue.

During 2020, loans and advances to international private clients, businesses and institutional clients increased by 11% to €13.7bn. In the corporate banking activity, loans increased by 8% over the same year to reach €36.2bn.

On the other hand, due to the pandemic, the provisions for net risk went, in one year, from €18m to €51m.

Luxembourg remains strategic

Rückbrodt, who is also regional COO at group level for the Europe, Middle East and Africa (EMEA) region, confirms the German bank’s interest in its activities in the grand duchy. "Luxembourg is, and will remain, an integral part of the Deutsche Bank group--this has been underlined by early and significant investments in its 'core banking' IT platform as well as in human resources--and its role is expected to continue to grow. within the group."

Luxembourg also posted the third performance at group level in terms of pre-tax profits. With a result of €408m, it comes behind India (€446m) and Germany (€459m).

Optimism for 2021

For 2021, the new head of banking activity in Luxembourg is optimistic. “We remain convinced that our clients' demand in terms of liquidity, funding and our expertise will remain stable, while remaining vigilant and focused in order to react flexibly to any possible change,” he noted.

He points out that the start of 2021 has been promising. "Based on our capital and liquidity strength, together with our focus on risk management, we will be resilient and be able to deliver a qualitatively and operationally satisfactory result again this year."

This article was originally published in French on Paperjam and has been translated and edited for Delano.