Deloitte Launches The Banking Union Centre in Frankfurt
Frankfurt - October 23th, 2014
The Banking Union initiative is Europe’s most ambitious integration project since the creation of the euro. It represents a fundamental redesign of the supervision of the financial sector, as well as being an essential complement to monetary union. Ultimately, this project will have significant consequences for European integration and the structure of the banking sector.
In this context, the new prudential supervision body, the Single Supervisory Mechanism (SSM), led by the European Central Bank (ECB) and based in Frankfurt, will become one of the main players shaping the transformation of the Financial Services Industry in Europe. These changes will have a major impact on Eurozone banks and beyond, affecting business models and strategies.
For this reason, Deloitte, the leading global professional services firm, has launched the Banking Union Centre in Frankfurt (BUCF), a powerful pan European resource to meet clients´ needs and requirements. Through the lens of the Banking Union, the BUCF will be responsible for:
- Proactively identifying challenges facing banks in scope for the SSM and providing direct support to their C-suite.
- Acting as a catalyst for pooling Deloitte’s capabilities across the SSM region. The Centre will provide a single point of contact for the cross-border support that our internationally active clients increasingly require.
- Channeling and sharing insights from Deloitte professionals into key issues facing senior-level decision makers within banks.
- Supporting and extending Deloitte’s existing strong relationships with the ECB/SSM and national supervisors.
Deloitte has established this permanent presence by bringing together a multidisciplinary team of senior and experienced professionals from its Financial Services practices across Europe. The Centre is led by Hans-Jürgen Walter, Financial Services Industry Leader for Germany, and includes professionals from Austria, Belgium, France, Germany, Greece, Italy, Luxembourg, Netherlands, Spain and the UK. Additionally, the Centre will be supported by all the Eurozone Deloitte Local Financial Services Industry practices and by Helmut Bauer, Deloitte’s Special Advisor on European Union Regulation and formerly Chief Executive Director and Head of Banking Supervision at the Federal Financial Services Supervisory Authority in Germany.
Connected with the Deloitte EMEA Centre For Regulatory Strategy
The BUCF will collaborate closely with the EMEA Centre for Regulatory Strategy (ECRS). Based in London and with a satellite presence in Frankfurt, the ECRS leverages regulatory specialists from Deloitte practices across the region to monitor regulatory developments and provide an expert, objective perspective on opportunities and challenges for financial institutions. It is led by Clifford Smout and David Strachan, former senior supervisors in the UK.