Table of contents€¦ · includes Bulgaria, Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia, Russia. Figures may differ due to rounding 07 Differentiating the winners

Differentiating the winners in the pursuit for global wealth, a European perspective UHNWI BankingDeloitte Luxembourg Strategy Practice

Part 1

Importance of the UHNWI segment in Europe 04

Part 2

UHNWI banking coverage models

and success factors 12

Part 3

Development of UHNWI wealth management

in Luxembourg 18

Conclusion 22

Table of contents

IntroductionIn the last ten years, ultra-high net worth individuals (UHNWI, in this paper defined as individuals holding more than US$10 million in assets), have contributed significantly to total world wealth. The segment is often seen as a key source of growth for wealth management operators globally. In light of increasing competition from off-shore banking models, and growing tax related pressure leading to cost inflation, acquiring new assets with a particular focus on UHNWI is expected to be a key priority for wealth management operators in the coming years.

In this paper, we look at the development of the UHNWI segment in Europe (supported by data from our partner Wealth-X). We also analyze key wealth management coverage models and their respective success factors, and propose a hypothesis for future development. Finally, we bring perspective to the evolution of the UHNWI segment in Luxembourg and how the ecosystem is specifically geared to serving them.

We hope you enjoy reading this paper and that it will provide you with new insights and ideas for the development of your business.

03

Differentiating the winners in the pursuit for global wealth, a European perspective | UHNWI Banking

Part 1

Importance of the UHNWI segment in EuropeThe evolution of European UHNWI Since 2006, European UHNWI have added over €1 trillion to the total wealth in Europe. With the total UHNWI European wealth standing at nearly €10 trillion in 2016, growth is expected to accelerate in the coming years. According to Wealth-X, the European UHNWI segment is set to add another €1 trillion in wealth by 2021. The sheer size of this number should draw attention from European wealth management operators in validating the strategic importance of this segment for new asset acquisition.

Looking back, the financial crisis of 2007-2008 had hit the European UHNWI segment hard. Wealth in the segment suffered a substantial, albeit temporary, drop of almost €2 trillion, wiped out in less than a year. In spite the financial crisis originating from the US, liquidity fears and reduced access to financing spread to a global level, significantly affecting the European banking landscape as well. Recovery has been slow; almost a decade later, UHNWI wealth levels have exceeded pre-2008 levels, and are now set for further growth.

The total population behind this wealth has also remained flat in the past decade at just over 250,000 individuals, with individuals holding on average almost €4 million more than they did in 2006 (from €34 million to €38 million in 2017). Despite the previous trend the European UHNWI population is expected to grow and reach over 270,000 individuals by 2021, with their average wealth creeping up to €40 million per head. This again indicates the importance of the segment and the potential to acquire new clients for wealth management operators.

Evolution of UHNWI wealth in Europe from 2006 to 2016

5 year growth forecast UHNWI wealth in Europe

71 %

256

34

257

38

65 %

272

40

66 %Wealth to GDP ratio

Population* (thousands)

Average wealth (EUR million)

* Of individuals holding more than USD 10m+ of Wealth

Source: Wealth-X, Worldbank databank

2006 2008 2010 2012 2014 2016 2016 2021 (F)

2007 2009 2011 2013 2015

8.7

7.7

9.7 9.9 9.8

7.9

8.7 8.6

9.4

10.0 9.8

11.0

9.6

2

0

4

6

8

10

12

Wealth growth 1.2 trillion EUR

10 year CAGR 1.2 %


5 year CAGR 2.4 %

The sheer size of this number should draw attention from European wealth management operators in validating the strategic importance of this segment for new asset acquisition.

04




71 %

256

34

257

38

65 %

272

40

66 %Wealth to GDP ratio

Population* (thousands)

Average wealth (EUR million)



2006 2008 2010 2012 2014 2016 2016 2021 (F)

2007 2009 2011 2013 2015

8.7

7.7

9.7 9.9 9.8

7.9

8.7 8.6

9.4

10.0 9.8

11.0

9.6

2

0

4

6

8

10

12


10 year CAGR 1.2 %


5 year CAGR 2.4 %





05


Future of European UHNWI on a global scale While these trends are positive on a European level, global UHNWI wealth growth is expected to increase even more substantially. In absolute figures, total wealth in Europe contributed to 28 percent of global UHNWI wealth in 2016. By 2021, global UHNWI wealth is expected to reach €45 trillion, having grown at 6.5 percent annually to add more than €10 trillion compared to today.

Total wealth (EUR trillion) today compared to 2021 of USD 10m+ individuals in Europe and the World

World Europe

2016 2021 (F)72 %24.8 EUR trillion

34.6 EUR trillion

28 %9.8 EUR trillion


44.9 EUR trillion


Total wealth (EUR trillion) today compared to 2021 of USD 10m+ individuals in Europe and the World

By 2021, global UHNWI wealth is expected to reach €45 trillion, having grown at 6.5 percent annually to add more than €10 trillion compared to today.

On the other hand, Europe is expected to grow at only a third of this pace and will consequently represent a lower share on a global scale, contributing only 24 percent to the total global UHNWI wealth in 2021.

The implication for wealth management operators will be the need to continue internationalization efforts, and to adopt an ever more global coverage model to harness wealth originating from key regions globally

06


Variations in future growth between European regions until 2021

Central and Eastern Europe is expected grow at a faster pace than western Europe in coming years, but DACH countries will continue to contribute significantly to total wealth growth

Wealthin EUR trillion of

individuals holding USD 10m+

28.4 - 23.5%

Absolute wealth growth

50 51 35%

Wealth to GDP ratio

%Wealth CAGR 5.1 - 5.2

UK and Ireland DACH countries Scandinavia

1.2

2011

1.5

2016

1.1

2021 (F)

29.2 13.3

78 73 70

5.3 2.5

2.3

2011

3.0

2016

3.4

2021 (F)

26.9 31.8

66 64 75

5.3 2.5

0.7

2011

0.9

2016

1.1

2021 (F)

Wealthin EUR trillion of

individuals holding USD 10m+

0.7 10.1%

Absolute wealth growth

47 34 34%

Wealth to GDP ratio

%Wealth CAGR 0.1 1.9

Southern Europe France and Benelux Central and Eastern Europe

1.4 1.4

2011 2016

1.5

2021 (F)

20.0 12.0

57 57 58

3.7 2.3

1.6

2011

1.9

2016

2.2

2021 (F)

-21.9 43.9

81 44 52

- 4.8 7.6

1.4

2011

1.1

2016

1.5

2021 (F)

Source: Wealth-X

Note: DACH countries include Austria, Germany, Switzerland. Scandinavia includes Denmark, Finland, Iceland, Norway, Sweden. Southern Europe includes Greece, Italy, Portugal, Spain. France and Benelux includes France, Belgium, Luxembourg and the Netherlands. Central and Eastern Europe includes Bulgaria, Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia, Russia. Figures may differ due to rounding

07


Total European wealth is forecast to increase by €1.2 trillion between 2016 and 2021. However, the origin of this growth varies between regions. Across all regions it is expected to increase at rates between 1.9 percent and 7.6 percent, except for the UK and Ireland, where it is forecast to fall by 5.2 percent until 2021. One of the key drivers of this trend is the UK’s decision to leave the European Union. This has led to a significant reduction in the strength of the GBP vis-à-vis the euro in recent months, and put the UK’s economic and wealth creation outlook in question.

Furthermore, we observe that the DACH countries, France, and Benelux will continue to be the pillars of European wealth growth in coming years. The DACH countries are forecast to contribute to 33 percent of Europe’s wealth creation until 2021 (€0.4 trillion), while France and Benelux’s growth is expected to slow on a relative basis; the cluster is still expected to contribute €0.3 trillion to Europe’s UHNWI wealth pool.

Central and Eastern Europe (CEE) are expected to gain ground and become a more important contributor to European UHNWI wealth, with a strong growth rate of 7.6 percent from 2016 to 2021. By adding €0.4 trillion, CEE will be adding just as much as the DACH countries in the next half decade. Combined, these two regions will account for roughly 80 percent of total European growth.

The strong growth of CEE and Scandinavia show that these regions will become critical for wealth management operators to harness, in order to ride the wave of new wealth that will emerge in these regions in coming years. Naturally a shift in banking coverage should occur without neglecting the existing foundations of historical wealth growth in Europe (DACH, France, Benelux, and Southern Europe).

In order to take advantage of these shifts in wealth both within Europe and globally, it is key to understand what the UHNWI profiles are and what they need.

08


1 Trusted single point of contact and access to broad suite of Wealth solutions and related expertise

2Independent, conflict-free advice

3Strong reputation (aversion to reputational fallout e.g. in banking industry)

4Tailored Wealth Management approach

5Tax compliant solution environment

UHNWI client characteristics

UHNWI origin of wealth % of population

17 %Inheritance

19 %Inheritance / self-made

64 %Self-made

80+

70s

40s

60s

50s

30s

<300,3

3,0

24,2

11,9

26,5

21,2

13,0



17 %Inheritance


64 %Self-made

80+

70s

40s

60s

50s

30s

<300,3

3,0

24,2

11,9

26,5

21,2

13,0



17 %Inheritance


64 %Self-made

80+

70s

40s

60s

50s

30s

<300,3

3,0

24,2

11,9

26,5

21,2

13,0


Age representation, % of UHNWI wealth

UHNWI client profile and needsIn order to take advantage of this accumulation in wealth growth both within Europe and globally, it is key to understand what the UHNWI profiles are and what they need. Based on our research and experience in the Wealth Management and Trust & Corporate Services sectors, we observe that UHNWI are typically entrepreneurs or wealthy families with the need for tailored wealth solutions, access to expertise, and high levels of service, increasingly delivered through an independent, conflict-free approach.

6Capital preservation and long-term planning

7Transparent pricing adapted to portfolio size

8International mobility and coverage

9High service levels and execution excellence

10 Confidentiality and discretion

Key success factors for UHNWI clients

09


Wealth and investment services

• Wealth planning & structuring

• Corporate finance advisory

• Fund solutions

• T&CS

• Tax and legal advisory

• Investment management

Family advisory and convenience services

• Family governance

• Philanthropy services

• Convenience and lifestyle

Reporting and ancillary services

• Wealth consolidation / reporting

• Risk management

• Ancillary services

Global service coordination

Key functional needs

As illustrated hereunder, we generally categorize UHNWI functional needs into four groups of services; these four service groups include:

• Wealth and investment services

• Family advisory and convenience services

• Global service coordination

• Reporting and ancillary services

Wealth and investment services such as tax and inheritance planning, wealth structuring, asset allocation, and portfolio management are fundamental to value creation, through the quality of the advice or investment management, and through the flexibility to handle a variety of asset classes and jurisdictions.

10


Wealth and investment services

• Wealth planning & structuring

• Corporate finance advisory

• Fund solutions

• T&CS

• Tax and legal advisory

• Investment management


• Family governance

• Philanthropy services

• Convenience and lifestyle


• Wealth consolidation / reporting

• Risk management

• Ancillary services

Global service coordination

Wealth and investment services such as tax and inheritance planning, wealth structuring, asset allocation, and portfolio management are fundamental to value creation.

Family advisory and convenience services, such as personal, family, or psychological counseling offer relationship managers the ability to create trust and to support clients on personal and family issues.

Global service coordination, such as of external service providers, or technical services, such as legal, tax, or corporate finance, provide value by allowing advisers to source, negotiate, and coordinate multiple providers on diverse and complex topics, and even to provide flexibility and tailored solutions.

Finally, reporting and ancillary services such as tax reclaim or reporting services can effectively add value by facilitating tax reporting requirements across multiple jurisdictions and assets.

In light of these characteristics, the key question is how the different wealth management operators should adjust their business model to maximize reach and their ability to best serve the UHNWI segment. To better understand this question, we have conducted an analysis of the different types of players in the wealth management sector today and have identified three distinct coverage models.

11


Part 2

UHNWI banking coverage models and success factors

Large global private banks are global institutions with significant private banking operations alongside other activities, including investment banking, asset management, and universal banking activities, among others

International wealth management specialists are medium and large private banking and wealth management operators with international operations whose key focus is on wealth management services

Local and regional players, which include local private banks and private banking units of local or regional banks

Based on our research and experience across the European Wealth Management sector, we observe three types of wealth management players pursuing UHNWI:

12


Local / regional playersLocal and regional banks with private banking units

Three distinct archetypes of players serving UHNWI


%of AuM

25 – 40 % 15 – 30 % 5 – 15 %

60 – 80 % 40 – 60 % 25 – 50 %

45 – 55 bps 40 – 50 bps 25 – 40 bps

%of NNA

%of Revenue

bpsRoA

Large global institutions with significant private banking operations alongside other activities (e.g. Asset management, Universal banking, etc.)

Large global private banks

Medium to large international private banks and wealth managers with international operations and key focus on wealth management activities

International private banking specialists

Local and regional banks with private banking units

Local / regional players

60 – 80 %

45 – 55 %

35 – 40 %

50 – 55 %

30 – 40 %20 – 30 % 20 – 30 %

20 – 25 %15 – 20 %

UHNWI business as…

(3 sample players)

Large global private banksLarge global institutions with significant private banking operations alongside other activities (e.g. Asset management, Universal banking, etc.).

International private banking specialistsMedium to large international private banks and wealth managers with international operations and key focus on wealth management activities.

Source: Deloitte market analysis

13


There are substantial differences in the exposure of these players to the UHNWI segment. Based on the sample of wealth management institutions included in this analysis, we observe that the large global players tend to have a disproportionate ability to attract UHNWI and generate higher revenues from them. Furthermore, a more significant amount of their total revenue is generated from this segment and a larger amount of their overall net new assets as well.

Large global private banks’ assets under management consist of between 35 percent and 80 percent of UHNWI wealth, compared to local and regional players with between 15 percent and 30 percent (depending on the actor). Sixty to eighty percent of net new assets (NNA) of global private banks stem from UHNWI wealth, while for local and regional private banks they account for only 25-50 percent.

In our view, this reflects the fact that large global players tend to have a broader and more sophisticated wealth product and solution shelf, which is important for large sophisticated investors. Global coverage and multi-shoring capabilities are also stand-out capabilities of global banks, which tend to drive positive differentiation compared to regional or local players.

We find that large global players tend to have the ability and critical mass necessary to invest into high-quality competences across this range of sophisticated services. International private banking specialists clearly also have this ability, but their choice to invest in developing service capabilities need to be made on a basis commensurate with their scale. Large global banks are also often criticized for a perceived lack of independence and objectivity in their advisory choices—from which smaller players tend to suffer less.

While operating at a more intermediate scale, international private banking specialists have differentiating factors of their own, including often their long-standing reputation and exclusive branding, and potentially more flexibility to tailor solutions to client needs compared to the very largest players. Similarly, regional and local players often source their differentiation through local expertise and reputation, and the ability to structure relevant solutions in their respective local wealth management environment.

While continued UHNWI wealth growth may buoy up all types of players, the possibility of a less favorable outlook remains and competition in itself is posing a key risk to the sector. It is our view that players will need to find a way to further enhance their respective areas of differentiation to become as relevant as possible for this strategically important growth segment.

Based on the sample of wealth management institutions included in this analysis, we observe that the large global players tend to have a disproportionate ability to attract UHNWI and generate higher revenues from them.

14


For example, investment management in certain asset classes, in particular those requiring high degrees of specialization, can be delegated to third parties. The packaging of structured investment products may also be orchestrated on a white-label basis in cooperation with larger providers. Operational services such as custody, fund dealing, and even certain brokerage capabilities are also examples of potential non-core activities. Finally,

corporate and fiduciary services and services related to client tax (e.g. tax reclaim, tax filing) may also be handled more efficiently by specialized providers.

As such, it is our view that two models may impose themselves in the coming years.

• The large-scale integrated bank model, which will maintain the majority of its functions in-house and maximize value capture where capabilities and client needs allow it. This model will require scale and significant infrastructure to maintain the expertise breadth required and may face efficiency, service flexibility, and stronger competition from open-architecture models in future.

• The flexible, open-architecture model, which will focus on core advisory, service coordination, and reporting functions (kept in-house). Other non-core services will be externalized, allowing them to focus on client relationships and tailored solutions. However without sufficient infrastructure and reach, they may not be able to fully capture value.

Large-scale integrated bank model

• Majority of functions maintained in-house to maximize value capture where capabilities and client needs allow it

• Requires scale to maintain depth and breadth

• Value capture may be maximized but challenge to maintain efficiency and service flexibility across chain, also to manage external competition

• Faces efficiency, service flexibility and external competition challenges

Open-architecture model

• Core advisory, service coordination and reporting functions maintained in-house

• Externalization of all non-core services to provide “best of each” service to client

• Flexibility and client value maximized but challenge to maintain sufficient value capture

• Strong focus on client relationships and tailor-made solutions

Open-architecture service model gaining importance to bridge capability gaps

One way for players below global scale to further enhance their differentiation is to equip themselves to deliver the same level of service through partnerships and outsourcing of selected high-value activities, while retaining only those capabilities that are core to the retention of the client and the generation of value for the bank.

15


Both these models are likely to be viable in coming years, and all players will need to determine which services they will keep in-house, versus what should be outsourced. Naturally, large global banks may have more flexibility in this choice, and opt to retain the majority of service internally. Smaller players will need to focus on finding their core competitive edge by refocusing efforts on maintaining strong relationships and resort to outsourcing or leveraging external expertise in other areas. More specialized services such as tax management services, or more technical solutions, which may struggle to reach the necessary scale to become profitable, should be externalized.

While many players internationally are experimenting with different approaches, we draw focus in the next section on the particularities of the Luxembourg Wealth Management sector and how its structure is already conducive for efficient wealth management operations.

Naturally, large global banks may have more flexibility in this choice, and opt to retain the majority of service internally

16


Key solutions Key models observed

In-house Externalized

Wealth & Investment servicesconvenience services

Advise and Plan wealth

Invest

Acces value


Advise

Facilitate/Convenience

Global services coordination

Coordinate

Transact & Borrow

Technical solution and legal vehicles

Administer Funds


Consolidate

Manage Tax

Integrated model

Open/Family Office model

Integrated vs. Open/Family Office Coverage Models

17


UHNWI AuM development as % of total AuM in Luxembourg(EUR billions)

Regional development of AuM in Luxembourg

2011

49 %

2016

289 EUR billions

% UHNWI wealth of total AuM 63 %% UHNWI wealth

of total AuM

361 EUR billions

147 Other wealth

142UHWNI wealth

- 2%CAGR

10 %CAGR

134 Other wealth

227UHWNI wealth

2 %CAGR

-3 %CAGR

2011 57 %Rest of the world*

43 %Benelux


37 %Benelux

* Note: Rest of world includes other EU countries, the rest of the world and Multi-jurisdictional assets

EUR billions EUR billions


Part 3

Development of UHNWI wealth management in LuxembourgUHNWI AuM development in Luxembourg

UHNWI AuM development as % of total AuM in Luxembourg(EUR billions)


2011

49 %

2016

289 EUR billions

% UHNWI wealth of total AuM 63 %% UHNWI wealth

of total AuM

361 EUR billions

147 Other wealth

142UHWNI wealth

- 2%CAGR

10 %CAGR

134 Other wealth

227UHWNI wealth

2 %CAGR

-3 %CAGR


43 %Benelux


37 %Benelux

* Note: Rest of world includes other EU countries, the rest of the world and Multi-jurisdictional assets




18


Luxembourg's open architecture

Wealth management

provider

Asset management expertise

Asset servicing

Tax advisory services

Trust and corporate services providers

Life insurance products

As observed globally, the UHNWI segment is also becoming more strategic in Luxembourg. In 2011 it contributed 49 percent to Luxembourg’s total banking AuM, while only five years later it soared up to 63 percent. This corresponds to an annual growth rate of 10 percent for clients in this segment, confirming the strategic importance of this segment over the next years for wealth management operators in Luxembourg.

One of the key drivers of this evolution is the fact that Luxembourg is being used as a platform for international wealth management, with international players leveraging the local capabilities and wealth management solutions landscape to assemble competitive offerings to international UHNWI. Beyond operational capabilities and wealth management tools, Luxembourg supports operators internationally by enabling business development efforts and offering a gateway to other European markets. In 2016, 63 percent of assets in Luxembourg came from countries outside of the Benelux region, with strong indicators that this trend would continue to evolve in coming years.

One of the key drivers of this evolution is the fact that Luxembourg is being used as a platform for international wealth management, with international players leveraging the local capabilities and wealth management solutions landscape to assemble competitive offerings to international UHNWI.

19


This variety of business models continue to co-exist in Luxembourg and have well-developed interactions between one another. These interactions contribute to delivering clients the value of the international wealth management solutions available in Luxembourg.

For investors, these valuable tools are complemented by other benefits of investing in Luxembourg, including the stable political environment and low country risk profile, which help support large investor diversification strategies.

In addition, the Luxembourg wealth management ecosystem is particular as it comprises bank and non-bank wealth management providers, as well as a broad network of operational and expert support services that are instrumental in delivering the value of the Luxembourg wealth management toolbox to international UHNWI.

As such, Luxembourg-based wealth management providers already operate under an open architecture model to deliver services to their clients, leveraging the capabilities of product packagers (e.g., fund houses/management companies or life insurance policy administrators), operational service providers (e.g., custodians and central administrators), as well as experts (e.g., legal, tax, trust and corporate service providers, etc.).

20


Main focus

Private banks

• Specialists and universal bank players serving both local and international client baseLocal players

International groups • Front, middle and back-office activities for Luxembourg-booked international client base

• Service synergies with fund-related structuring and administration capabilities

Non-bank players

• Non-bank providers of wealth management services, typically under “PSF” license and leveraging banks for operational support

• Also includes IFAsWealth managers

Family offices • Specialized wealth management provider with focus on serving UHNWI families, based on dedicated license

Life insurance companies

• Administrators of life insurance policy products, typically supporting banks and wealth managers in delivering this capability to clients

Trust & Corporate service providers

• Administrators of corporate structures in support of client’s wealth management needs

• Often working with private banks

Management companies and fund administrators

• Asset managers / ManCos serving UHNWI directly through discretionary mandates

• Fund servicers managing the operational aspects of dedicated investment funds for UHNWI, Family Offices or other institutional investors

Luxembourg's Wealth Management Ecosystem

21


Conclusion UHNWI are expected to add €1.2 trillion in wealth over the next five years in Europe, boasting a growth double of that which was experienced since 2006. While significant in absolute figures, on a global scale, total European wealth growth will represent only a share of global wealth growth, which is expected to grow at an even higher pace in coming years. Even within Europe, there will be shifts in regional contribution to new wealth. While the DACH countries, France, and Benelux will continue to be the core pillars of growth, Scandinavia and CEE countries are looking to add a significant proportion of new wealth until 2021.

Wealth management operators will need to adapt their coverage models to harness this new European and global distribution of clients and their wealth. Our analysis shows that today the larger global players tend to have a disproportionate ability to attract and generate higher revenues from UHNWI. Going forward, however, it is our view that adopting more open architecture models will enable other types of private banking and wealth management providers to bridge capability gaps and increase competitiveness in serving UHNWI internationally.

In Luxembourg this open-architecture model is already an industry specificity, where both banking and non-banking players work together to maximize client value. It is our view that international wealth management players can draw on the possibilities offered in the Luxembourg market to develop new business capabilities in a more efficient way to attract and serve UHNWI clients.

22


Deloitte is a multidisciplinary service organization that is subject to certain regulatory and professional restrictions on the types of services we can provide to our clients, particularly where an audit relationship exists, as independence issues and other conflicts of interest may arise. Any services we commit to deliver to you will comply fully with applicable restrictions.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms and their related entities. DTTL (also referred to as "Deloitte Global") and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in more than 150 countries and territories serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 264,000 people make an impact that matters at www.deloitte.com.

This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this communication. © 2018 Deloitte Tax & Consulting.

ContactsPascal MartinoPartner – Banking Leader+352 451 452 [email protected]

Benjamin CollettePartner – Strategy Regulatory & Corporate Finance Leader+352 451 452 [email protected]

Erika BourguetDirector – Strategy Regulatory & Corporate Finance+352 451 453 [email protected]

Justin Morel de Westgaver Senior Manager – Strategy Regulatory & Corporate Finance+352 451 453 [email protected]

Alexander BalieuSenior Consultant – Strategy Regulatory & Corporate Finance+352 451 452 [email protected]

Table of contents€¦ · includes Bulgaria, Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia, Russia. Figures may differ due to rounding 07 Differentiating the winners

Documents