The Finance Centres of the Grand Duchy of Luxembourg and of Casablanca Sign a Partnership Agreement in the Financial Services Sector
CASABLANCA, Morocco, April 26, 2012 /PRNewswire/ --
Luxembourg for Finance (LLF), the bureau responsible for the development and promotion of financial services in Luxembourg, and the Moroccan Financial Board (MFBoard) recently signed a formal partnership agreement. The agreement, signed by Mr Fernand Grulms, CEO of LFF, and Mr Said Ibrahimi, CEO of MFBoard, illustrates the desire of these two parties to cooperate in promoting the development of Luxembourg and Casablanca (Casablanca Finance City) as financial centres.
The signing of the agreement took place during an official visit to Morocco by a delegation from Luxembourg. The visit was led by the LFF and several directors from other important financial institutions within Luxembourg were also part of the visit.
Cooperation between the two parties will mainly focus on the key areas of development of any financial centre, in particular:
- The exchange of information about financial services, including the international legislation and regulation of financial activity
- The sharing of knowledge and experience between the institutions regarding the financial sector, in particular in the areas of investment funds and private banking
- Cooperation in the field of training
- Cooperation in the organisation of seminars and conferences which focus on the development of financial centres and more broadly the facilitation of relationships between institutions in the sector
Casablanca Finance City wants to become the regional financial hub for Africa, and now has financial cooperation with Europe through this partnership. For the Moroccan Financial Board, this agreement with the premier private banking centre in the Eurozone and largest investment fund centre in Europe (second in the world), represents the promise of a high level development strategy for CFC.
This agreement is also the first between the LFF and Africa and it will allow CFC to be the preferential gateway for the rest of the African continent.
Speaking at a press conference held on this occasion, Mr Grulms said that the emergence of the African continent in the 21st Century will mobilise innovative investments and raise the level of conventional finance as well as Islamic. Morocco and the financial centre of Casablanca are called upon to play a major role at this level. Casablanca's knowledge of African and Arabic culture, its stability and linguistic capabilities provide it with a unique opportunity to position itself as THE international financial hub within the African continent. Mr Grulms is delighted that Luxembourg could sign the agreement with Casablanca, which has opened the door for collaborations with the Moroccan and African markets for the financial intermediaries in Luxembourg.
From his side, Mr Ibrahimi has praised the success of the financial centre of Luxembourg, highlighting the depth and diversity of its expertise in financial services, the efficiency of its regulation, as well as the quality of its business environment. He added that the partnership with an international centre of this stature would be of great importance to the development of Casablanca Finance City, bringing new proof that it is trying to bring itself to the level of the highest international standard.
Finally, Mr Grulms and Mr Ibrahimi expressed their firm intention to mobilise the means and necessary efforts to efficiently put into action the cooperation set out in this agreement.
About Luxembourg for Finance
Luxembourg for Finance, the bureau for the development of the financial centre, is a partnership between the government of Luxembourg and the Federation of Professionals of the Financial Sector, Luxembourg (PROFIL). The bureau is the fulfilment of efforts deployed by the public authorities and significant figures of the financial sector to assure the development of the financial centre by making the financial centre of Luxembourg better known abroad by means of structured and coordinated action.
About the Moroccan Financial Board
The Moroccan Financial Board, a company made up of public-private partnership between the significant figures of the financial sector, is responsible under the law 44-10 relative to 'Statut CFC' for the global running and institutional promotion of Casablanca Finance City. CFC aims to make Casablanca a regional hub of the financial profession and a preferential gateway to African countries, in particular to the countries of Northern, West and Central Africa.
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