EFTA01108475.pdf

EFTA01108475 EXECUTIVE SUMMARY Our state of mind : EdR is today a CHFi6obn European player in PB, AM and Asset Custody. The core of our platform is the Paris/Luxembourg/Geneva axis . In our core activities, we observe (i) scale and performance generation as key value differentiator, (ii) Luxembourg emerging as the European hub. That's why we do want to develop our operations in Luxembourg Our rationale : KBL could be a transforming asset for our Group. ) We do have natural complementarity businesses in Luxembourg, France, Monaco... ) We will enter /develop significantly other markets (Germany, Netherlands) > We can capitalize on an enlarged scale both in PB and Assets Custody ) We can capitalize on EdR brand to develop the acquired businesses What we would like to achieve : Understanding better (i) where Precision Capital stands in terms of strategy and exit from this asset and (ii) KBL itself given the recent transactions announced (Monceau Assurances, Brown Shipley) P What we propose as next steps : After signature of NDA, reception of high level financial information on KBL to enable us to refine our analysis and come back to you in [September] with a non binding proposal that could open the way for exclusive discussions EDMOND DE ROTHSCHILD 2 EFTA01108476 EXECUTIVE SUMMARY PRELIMINARY COMBINATION ANALYSIS: AUM IMPACT AUM in CHF bn BP Total Lux2 Belgium3 FR Monaco UK Spain Others KBL 15.9 Germany 22 6 35 5 Netherlands EdR EdriOnaL EdR EdR+KBL EdR E0R+KBL 0,4 11 EdR EdR+KBL rciEl EdR EdR+KBL KBL IFS Total EdR EdR+KBL Figures as of end 2014 are restated with KBL 2015 operations. Data as of 30104/2015 for EdR 1 May still include Vitis Ufa AuM. EdR figure without european branches Includes UBS Belgium AuM EDMOND DE ROTHSCHILD 3 EFTA01108477 FIRST POTENTIAL CONCERNS TO BE ADDRESSED Potential concern Mitigation 0 Presence on the lower scale of EdR target in 0 Integration of KBL's clients in EdR S1 terms of client segment segment with limited bespoke solutions 0 Significant restructuring to be done requiring 0 Necessity to set up a strong Project Team in turnaround team charge of the integration 0 KBL Group has been built without integration 0 KBL has initiated a reorganisation to optimize between geographies its structure. To be reinforced and accelerated in KBL integration process 0 AM business in KBL Group seems to be limited to KBL Richelieu teams in France 4 Limited transformation for EdR AM business while this deal will significantly reduce EdR capacity for other acquisitions 0 Cultural fit 0 To be assessed carefully in DD sessions with operational teams EDMOND DE ROTHSCHILD 4 EFTA01108478 PRELIMINARY FINANCIAL INFORMATION (DATA AS OF 31/12/2014) En €bn BdL BIL KBL EdR EdRE Loan book 2,0 10,0 2,3 2,4 AuC 56,0 41,3 23,9 23,9 AUM 18,0 18,0 42,0 129,5 Earnings 66,0 123,0 70,0 67,0 25,0 Equity capital 740 1 200 1 000 1 750 220 Assumed PE 15,0x 15,0x 15,0x 19,0x 19,0x Implied.Equity Value 990 1 845 1 050 1 274 475 Assumed Price to Book 0,75x 0,75x 0,75x 1,00x 1,00x Implied Equity Value 555 900 750 1 750 220 En CHFbn BdL BIL KBL EdR EdRE Loan book 2,1 ..._... 10,4 2,4 2.5 0,0 AuC 58,5 0,0 43,1 22,9 22,9 AUM 18,8 18,8 43,8 ---r 135,2 0,0 Earnings 68,9 ..,.., 128,4 73,1 ,.._ 70.0 26.1 Equity capital 773 1 253 1 044 1 827 230 Assumed PE 15,0x 15,0x 15,0x 19,0x 19,0x Implied Equity Value r 1 034 ' 1 926 r 1 096 1 330 496 Assumed Price to Book 0,75x 0,75x 0,75x 1,00x 1,00x Implied Equity Value 579 940 783 1 827 230 EDMOND DE ROTHSCHILD 5 EFTA01108479 PRELIMINARY FINANCIAL INFORMATION (DATA AS OF 31/12/2014) KBL acquisition Acquisition size 750 Financing 50% Interest Rate 5% Additional Debt 375 Assumed tax rate 15% Additional interest charge 15,9 Remaining financing 375 Use of existing cash 200 Interest on cash -0,7% Lost on interest income -1,4 Required capital increase 175 Group Net income 70,0 Additional net income 73,1 Less additional interest -15,9 Less lose of interest income -1,4 Capital increase required PF Net Income 128,5 % of Financing 10% 20% 30% 40% 50% Capital Increase 200 475 400 325 250 175 Assumed EdR equity value 2 000 250 425 350 275 200 125 Use of existing cash Capital increase 175 300 375 300 225 150 75 PF Equity Value 2 175 350 325 250 175 100 25 EDMOND DE ROTHSCHILD 6 EFTA01108480  Figures in EUR & USD are converted in CHF using respectively 1.044 and 0.935 exchange rate OTHER COMBINATIONS SCENARIO (DATA AS OF 31/12/2014) EdR Today (CHF M) EdR Tomorrow (CHF M) AuM1 AuM2 25 163 138 73 280 +10 BP AM IFS BP AM IFS Revenues' Revenues3 487 379 1 002 956 430 03 195 1 684 +66 BP AM IFS Other BP AM IFS Other Net Earnings (Group sharer Net Earnings (Group sharer 13 48 614 56 67 43 • 172 -3 Other BP AM IFS6 BP AM IFS Other Preliminary valuation estimates UBS (France) : CHF 100 M 1Based on 2015 (split betweeen businesses based on 2014 prorate) 2 AuM as of 31/12/2013 for UBS France KBL : CHF 900 M6 CHF 1.4bn Revenues as of 31/12/2013 for UBS France & KBL epb 'Net Earnings as of 31/12/2013 for UBS France & KBL epb Millennium : CHF 350M s Net Earnings for IFS are estimated '2015 disposals not taken into account Figures indicators : EdR I / KBL I Millennium EDMOND DE ROTHSCHILD 7 EFTA01108481 1- KBL EUROPEAN PRIVATE BANKERS profile EDMOND OE ROTHSCHILD EFTA01108482 KBL EUROPEAN PRIVATE BANKERS The Bank was founded in Luxembourg in 1949 KBL European Private Bankers was acquired in 2012 by Precision Capital, a Luxembourg-based bank holding company, representing the private interests of members of the Al-Thani family of Qatar KBL is owned at 99,9% by Precision Capital and the balance is owned by the Grand Duchy of Luxembourg The Bank holds affiliates in Belgium, France, Germany, Luxembourg, Monaco, Netherlands, Spain, Switzerland and United Kingdom I' At December 31, 2014 (2013), the Bank employed 2224 (2225) staff, some 58% work in subsidiaries outside Luxembourg, and over 400 private bankers KBL was initially engaged in corporate banking and financial markets before progressively focusing on private banking from the 1980s. It was listed on the Luxembourg stock exchange until 2005. From the late 1990s, under the ownership of Almanij and then KBC, KBL implemented a strategic vision to counterbalance the lower offshore growth with the acquisition of local private banks in key European markets' I' Local units still benefit from a relatively large autonomy on front office, marketing, and offering matters, combined with progressively centralized control/support functions in Luxembourg. In June 2015, it announced its decision to outsource its IT & Operations to Lombard Odier (G2)' I' In addition to its core PB business, KBL is active in AM (through KTL and local subsidiaries). With the appointment of a Group CIO, the emergence of a multi-local AM model, and a common branding (Richelieu) for new funds, it aims at developing a more coherent and visible AM business. KBL also provides custody services (end-2014 AuC of €43.8bn) and fund administration (through KTL). The fund accounting and the keeping of the register of investors are outsourced to EFA where KBL is the main shareholder' Source Caucus Partners EDMOND DE ROTHSCHILD 9 EFTA01108483 KBL EPB RECENT BUSINESS DEVELOPMENT Has acquired Puilaetco Dewaay Luxembourg in July 2014 P Puilaetco Dewaay Private Bankers announces in November 2014 the acquisition of UBS's Belgian operations, bringing roughly €3 billion in assets, 2,500 clients and 6o staff (including 20 private bankers) P KBL epb signed a term sheet agreement with Banque Internationale a Luxembourg (BIL) in December 2014 > BIL (Suisse) SA will acquire KBL (Switzerland) Ltd, a wholly owned affiliate of KBL epb, > Puilaetco Dewaay, the Belgian affiliate of KBL epb, will acquire the business of BIL Belgique (through this acquisition, Puilaetco Dewaay becomes one of the top three pure-play private bank in Belgium) P KBL epb signed in June 2015 a strategic partnership agreement with Lombard Odier, in IT and Operations activities P Monceau Assurances, a French insurance group, announced in July 2015 the signing of an agreement with KBL epb to acquire Vitis Life, KBL epb's life insurance subsidiary, based in Luxembourg. We understand Monceau Assurance contributed 14 M€ to KBL net income and was sold for a 50-looM€ price tag P Brown Shipley announced in July 2015 the acquisitions of Hampton Dean, a chartered independent firm of financial planners based in the UK EDMOND DE ROTHSCHILD 10 EFTA01108484 GEOGRAPHIC FOOTPRINT teDi KB EUROPEAN PRIVATE BANKERS POIVATIA ••••••• r BROWN SMITE) km's- KREDIETRUST LUXEMBOURG I d to Monceau Assurances VITISI A j MERCK FINCK &CO1 P RI VAT BANII IF RS -bt SoI&to TTA PuilaetcoDewaay SWISS PRIVATE BANKING a r 7 KBL RICHELIEU BANQUE PRIVEE yr MONACO PRIVATE BANKERS CBLESPANA VIIOPE AN PRIVATE SANK I RR EDMOND DE ROTHSCHILD 11 EFTA01108485  Figures in E aro converted in CHF with FX EURICHF = 1.044 DETAILED ORGANIZATION CHART(DATA AS OF END OF 2014)1 Precision Capital 99,99% 2 KBL EPB S.A. ♦ CHF 92,6bn Sold to Monceau r • AuM: CHF 2.2bn • AuM: CHF 10.44bn 100% Vitis Life S.A. • Net Profit: CHF 14.24m 100% Puilaetco Dewaay • Net Profit: CHF 12m (Luxembourg) • Employees: 50 Private Bankers3 • Employees: 250 • 8 offices in Belgium • AuM6: CHF 5,22bn Brown Shipley 100% • Net Profit: CHF 7,9m Private Banking • Employeess: 232 (240) 100% Puilaetco Dewaay • Employees: 24 (UK) • 5 offices6 Sold to BIL Luxembourg4 • Private bankers: 9 • AuM6: CHF 2,09bn 99.99% KBL Swiss Private • Net Loss: CHF 19,7m Banking • Employees: 100+ • Offices in Geneva, Zurich & Lugano 100% KBL Beteiligungs Net Loss: CHF 1.5m • AuM6: CHF 1,566bn A.G. (Germany) 100% KBL Monaco • Net Profit: CHF 0,7m Private Bankers • Employeess: 50+ • AuM: CHF 8,35bn 100% Merck Finck & Co • Net Profit: CHF 0.1m KBL Espana • AuM6: CHF 0,522bn Privatbankiers • Employees: 340 (100 PB) 100% • 16 offices in Germany European Private • 4 offices6 Bankers • AuM: CHF 2,59bn • AuM6: CHF 7,3.8.3bn KBL Richelieu Theodoor Gilissen 100- • Net Profit: CHF 6,4m 100% • Net Profit: CHF 5,7m Banque Privee • Employees: 124 (24 Private bankers) Private Bankers • Employees6: 200 (France) • 4 offices6 (Netherlands) • 4 offices6 Capital held. Net Profit and Net Loss as of 31/1212013. except for Vitis Life's Net Profit which is as of 31/12/2014 2 The balance is owned by the Grand Duchy at Luxembourg 3 AuM & Employees ricluding UBS Belgium closed 05115 100% Kredietrust • Sold by Puilaetco Dewaay Pnvate Bankers to KU epb ri July 2014 • AuC: CHF 31,3bn (for funds) Luxembourg S.A. • AuC: CHF 14,4 (for instituionals) .? Data as of 31/1212013 6 Source Caurus Partners EDMOND DE ROTHSCHILD 12 EFTA01108486 ASSETS UNDER MANAGEMENT & ASSETS UNDER CUSTODY' Evolution of AuM for KBL (fbn) +2.3 44.9 +2.3 44.1 424 4-2 .2.0 42.3 • • .3.1 41.1 ▪.1.7 • -2$ OS -1.9 End-2009 NNC Pert. End-2010 NNC Peri. End-2011 NNC P•r1. End-2012 111K Pet. 044.2013 NNC Pert End -2014 AuM 2010 Effect AuM 2011 Effect AuM 2012 Effect AS 2013 COM Mtn 2014 Effect AuM 2010 2011 2012 2013 2014 AJC tent 41.8 44.1 39.9 33-6 41.3 43.8 NNC ft Net New C1=h :ref. Effect - :et. arce a Orencyfffect ■ Net new cash returned to positive territory in 2014 after 3 years of attrition, reflecting outflows in cross-border activities and the uncertainties generated by KBL's disposal process (initiated in 2009 and completed in 2012) ■ Positive NNC contributors understood to include Puilaetco Dewaay, Theodoor Gilissen, and Brown Shipley ■ Limited currency impacts on AuM, as KBL is largely a E play, with the notable exception of Brown Shipley ' Source Caurus Partners EDMOND DE ROTHSCHILD 13 EFTA01108487 KBL EUROPEAN PRIVATE BANKERS Key figures Comments Evolution 2 2014 figures includes Insurance operations In CHF m FY 2014 FY 2013 FY 2012 FY 2011 Abs AuM (bn) 92,6 87,2 83,0 83,2 AuM increased by CHF 9,4bn over the period of which AuC (bn) 45,7 43,1 40,3 41,7 from 2011 to 2014 (AuC included) NNM (bn) NA NA NA NA Pt Net revenues remained constant over the Customer credit (bn) 2,5 2,4 2,0 1,8 0,1 4,3 period from 2011 to 2014 , resulting in a steady Employees 2 224 2 225 2 406 2 457 -1 0,0 decline of the RoA over the same period. The Net Revenue 563 564 411 573 -1,6 -0,3 drop in 2012 is the result of the sale of a RoA 3 51 bps 65 bps 49 bps 69 bps 4,0 number of positions (mainly ABS) HR costs NA 289 377 305 The significant amount of Provision & Value FIR costsiRevenue NA 51% 92% 53% adjustment in 2011 and 2012 results from Non HR costs NA 155 210 153 impairments due to the recognition of Goodwill Operating profit 105 120 -176 115 -14,9 -12,4 arising from previous acquisitions Depreciation & Amortisation NA NA NA NA Operating profit down 12,4% over 2014 to CHF Provision & Value adjustment 1 4 79 103 -3.1 -85.7 105m, mainly due to the increased depreciation Extraordinary items NA NA NA NA Total costs 458 448 667 561 10,0 2,2 of Group IT development Profit before tax 104 116 -256 12 -11,7 -10,0 Pre-tax income down to,o% from CHF 116m as Net Profit 70 88 -262 21 -18,4 -20,8 of end of 2013 to CHF to4m as of end of 2014 Net Profit group share 70 88 -262 21 Pt Cost income ratio remained around 8o% over CIR 4 (%) 81,4% 78,8% 142,6% 79,9% 2,6 the period, excluding 2012 Total capital ratio (%) 14,7% 18,2% NA NA -3,5 CET 1 capital ratio (%) 13,7% 13,5% 12,6% 16,3% 0.2 Pt Slight improvement of the CET 1 ratio from 13,5% to 13,7% as of December 2014 'Consolidated accounts 2 Evolution from FY 2013 to FY 2014 Dividend relating to year 2014 up to CHF Tom Pt 3Annualized rate 4 Estimated : Operating expenses (including Depreciation and Amortisation) / Net Revenue from CHF 33,4m for2O13 EDMOND DE ROTHSCHILD 14 EFTA01108488 KBL EUROPEAN PRIVATE BANKERS BALANCE SHEET' Key figures Comments Evolution 2 0/0 In 2O14, total assets remained stable compared In CHF bn FY 2014 P( 2013 P( 2012 FY 2011 Abs to the previous year but decreased by CHF Assets 2.5bn compared to December 2O11 Loans and advances to credit 1,7 2.2 2,3 5,1 -0.5 -23,8 institutions P1 Credits to customers amounts to CHF 2.5bn at Loans and advances to noncredit end of 2O14 (CHF 2.4bn at end of 2O13). This 2.5 2,4 2,0 1,8 0.1 4,3 institutions activity has been developed since 2O11 (CHF Equity and debt instruments 4.8 4,3 4,6 4,3 0.5 12,2 1.8bn at end of 2O11, ie +3O% between 2O11 and 2O13) Other assets 4.0 4,1 4,6 4,2 -0.1 -3,1 Total Assets 13.0 13,0 13,5 15,4 0.0 -0,2 Liabilities & Equity Deposits from credit institutions 1.0 1,0 1,3 2,6 0.0 0,0 Deposits from noncredit 7.8 7,8 7,7 8,6 0.0 0,0 of w hich, subordinated debt 0.2 0,2 0,3 0,3 0.0 0,0 Other liabilities 3.2 3,1 3,6 3,2 0.0 1,2 Total equity 0.9 1,0 1,0 1,1 -0.1 -6,2 Total Liabilities 13.0 13,0 13,5 15,4 0.0 -0,2 Consolidated accounts 2Evolution from FY 2013 to FY 2014 EDMOND DE ROTHSCHILD 15 EFTA01108489 KBL EPB BY BUSINESS SEGMENT Private Banking Global Investors Services ALM Activities Other Total Group In CHF m 2013 2012 2011 2013 2012 2011 2013 2012 2011 2013 2012 2011 2013 2012 2011 AuM 04n) NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NNM (bn) NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Employees' 1 509 1 701 1 749 180 207 214 130 140 120 219 241 325 2 078 2 249 2 408 Net Revenue 404 369 397 57 54 68 88 53 51 16 -66 57 564 411 573 of whch nel lee and CI:MT/SSW interns 314 380 312 39 38 46 2 3 3 8 9 9 363 345 364 Operating expenses 334 376 360 30 35 34 29 21 22 52 156 43 445 587 458 Operating profit 70 -6 37 26 20 35 59 32 29 -36 -222 14 120 -176 115 Depreciation & Amonisalion NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Promsk:o 8, Value acluslment 1 60 48 0 0 -1 2 0 4 1 19 52 4 79 103 Extraordinary Items NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Total costs 334 436 407 30 35 33 30 21 26 53 175 95 448 667 561 Profit before tax 69 66 -10 27 20 35 57 32 25 -37 -241 -38 116 -256 12 Net Profit 47 -79 -21 19 15 25 41 21 18 -18 -220 -1 88 -262 21 Net Profit group share 07 -79 -21 19 15 25 41 21 18 -18 -220 -1 88 -262 21 CIR 2 (%) 83% 102% 91% 54% 64% 49% 33% 40% 42% 322% -237% 76% 79% 143% 80% ' Average number of FTE 2 Estimated : Operating expenses (including Depreciation and Amortisation) / Net Revenue EDMOND DE ROTHSCHILD 16 EFTA01108490 STRATEGIC PARTNERSHIP AGREEMENT WITH LOMBARD ODIER IN IT AND OPERATIONS ACTIVITIES KBL epb announced in June 2015 the signing of a strategic partnership agreement with Lombard Odier, in IT and Operations activities I' Under the terms of the agreement, KBL epb will leverage Lombard Odier's existing processes and G2 platform, adapted to the specific needs of the Luxembourg-headquartered private banking group I' In line with that partnership approach, Lombard Odier will establish a new company in the Grand Duchy — staffed by select KBL epb specialists and Lombard Odier employees. That company will reach full operational status in the course of next year I' This agreement would have no material impact on employment at KBL epb in Luxembourg before 2017. Lombard Odier has made a commitment to extend to a significant number of current KBL epb specialists the opportunity to serve at the new company that will be established in the Grand Duchy KBL epb ambition is to ensure full employment for the balance of Luxembourg-based staff impacted by this agreement, including through an increased focus on training and internal mobility KBL epb will double its professional training budget over the next three years and substantially increase the size of its HR department over the same period EDMOND DE ROTHSCHILD 17 EFTA01108491 IVONCEAU ASSURANCES TO ACQUIRE VITIS LIFE, KBL EPB'S LIFE INSURANCE SUBSIDIARY P Vitis Life is a Luxembourg-based life insurance company founded in 1995 ans is currently active in Belgium, France, Italy, Luxembourg, the Netherlands and Spain. The company manages over €2.1 billion, and its solvency ratio is 32o% (as of December 31, 2014) P The transfer of Vitis Life reflects KBL epb's focus on its core business of private banking, in line with the group's long-term growth strategy, which includes organic, semi-organic and external initiatives P In addition, given the complementarity of the French client base of Monceau Assurances, this transaction will create opportunities for KBL epb to strengthen its private banking business in that country P Monceau Assurances — which provides life, property and casualty, and reinsurance cover to its more than 300,000 policyholders — highlighted that Vitis Life will continue to be managed by its current leadership team EDMOND DE ROTHSCHILD 18 EFTA01108492 BROWN SHIPLEY ANNOUNCED THE ACQUISITION OF HAMPTON DEAN k Brown Shipley is a private bank with client offices in London, Manchester, Birmingham, Leeds, and Edinburgh. It provides core wealth management services for high net worth clients, comprising investment and fund management, self-administered pension schemes, estate planning and banking services P Hampton Dean is a full service chartered independent firm of financial planners, with clients throughout the UK and particularly in the medical sector P The acquisition of Hampton Dean is part of Brown Shipley's strategy to build and deliver a leading financial advice proposition for its clients. It will further strengthen the operations of Brown Shipley, particularly in the area of wealth planning, and expand its UK footprint to six cities, including a new office in Nottingham P This transaction follows KBL epb's acquisition of the operations of UBS Belgium in late 2014, and reflects the Luxembourg-headquartered group's strategy to achieve long-term growth through organic, semi- organic and external initiatives EDMOND DE ROTHSCHILD 19 EFTA01108493  U Annexes EDMOND DE ROTHSCHILD 20 EFTA01108494 E EDMOND DE ROTHSCHILD STRATEGIE & DEVELOPPEMENT INTERNATIONAL MARCHE DE LA BANQUE PRIVEE AU LUXEMBOURG ELEMENTS PRELIMINAIRES 6 Juillet 2015 DIFFUSION RESTREINTE C3 EFTA01108495 PRÉAMBULE ) Les éléments mentionnées dans ce documents sont un recueil préliminaire et non exhaustif sur le marché luxembourgeois de la Banque Privée ) Les principales sources sont : > Les statistiques publiées régulièrement par l'Association des Banques et Banquiers, Luxembourg (ABBL) > Le Deloitte Wealth Management Centre Ranking 2015 > Le KPMG Luxembourg Banks Insights 2014 > Les rapports du BCG Global Wealth 2013 et 2014 > Des analyses du BCG communiquées à la Direction de la Stratégie dans le cadre de missions de benchmark EDMOND DE ROTHSCHILD 22 EFTA01108496 ELÉMENTS DISPONIBLES « OFF THE SHELF » Axes A discuter / compléter 1 • Structure et dynamique de marché (volume, on/offshore, etc.) • Perspectives futures • Segmentation clientèle • 3} • Marges • Concurrence • • Analyse des modèles des principaux acteurs • Rôle des plateformes déployés par les concurrents utilisant le Luxembourg comme hub pour l'UE Rentabilité (Cil) 5_, O • Principales évolutions réglementaires • Evolution du cadre réglementaire actuel 6 • Tendances du marché • Principales perspectives sur l'offshore Lux et la 7 place du Luxembourg • Mouvements 3 EDMOND DE ROTHSCHILD EFTA01108497 MESSAGES CLES > Fort de savoir-faire reconnus et environnement favorable, la place luxembourgeoise est le 1 0f centre de banque privée de la zone euro - avec une activité essentiellement offshore UE • Le Luxembourg a des atouts forts : régime fiscal, industrie de fonds, taille critique sur la zone euro • La place atteint 300 Mds USD (contre 2000 Mds pour la Suisse) soit 3% de PDM mondiale du off shore banking • 4/50 des encours gérés sont non luxembourgeoise et parmi eux, les 2/3 proviennent de l'UE (surtout AIL, Fr., Bel., Esp.) • Le marché a cru de X% par an depuis contre X en Suisse > Avec un développement récent tiré par les UNHWI, le ROA du marché est faible à 55 bps et en baisse de 20 bps sur 6 ans • Les UHNWI >20M€ ne représentent que 1% des clients mais concentrent 51% des actifs sous gestion des BP au Luxembourg • Cette concentration s'est accélérée sur les dernières années (ils concentraient 41% des encours il y a 3 ans), la clientèle Affluent ayant plus tendance à onshoriser ses avoirs. Les BP luxembourgeoises s'adaptent pour cibler la clientèle premium > Ce marché est fortement concurrentiel mais rentable pour la plupart des acteurs aujourd'hui ■ Les COEX s'établissent généralement entre 70 à 80% ■ Des COEX pouvant descendre jusqu'à 50% en incluant l'activité IFS attenante, déployée par la plupart des acteurs ■ La pression concurrentielle aug