Deloitte launches the Banking Union Centre in Frankfurt
24 October 2014
Deloitte, the business advisory firm, has launched the Banking Union Centre in Frankfurt (BUCF). The BUCF was created in response to the launch of the new banking supervision body, the Single Supervisory Mechanism (SSM). The SSM will become instrumental in the transformation of Europe’s financial services industry.
Deloitte’s BUCF will help banks respond to the challenges of the Banking Union initiative, whilst providing a single point of contact for the cross-border support of international banks.
Nick Sandall, Deloitte’s EMEA financial services industry co-leader, said: “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, the SSM will have significant consequences for European integration and the structure of the banking sector. It will become one of the main players shaping the transformation of the financial services industry in Europe, affecting both banks in the Eurozone and beyond. Through our BUCF, we will be able to extend our already strong relationships with regulators, clients, central banks and major industry trade bodies.”
The BUCF will collaborate with Deloitte’s EMEA Centre for Regulatory Strategy (ECRS). Based in London and with a satellite presence in Frankfurt, the ECRS has regulatory specialists from Deloitte’s member firms that provide analysis on opportunities and challenges for financial institutions. It is led by Clifford Smout and David Strachan, former senior supervisors in the UK.
Notes to editors
The BUCF is led by Hans-Jürgen Walter, Financial Services Industry Leader for Germany, and includes professionals from Austria, Belgium, France, UK, Germany, Italy, Luxembourg, Netherlands, and Spain. It will be supported by all the Eurozone Deloitte financial services industry practices and by Helmut Bauer, Deloitte’s special advisor on European Union Regulation. Helmut is the former chief executive director and head of banking supervision at the Federal Financial Services Supervisory Authority in Germany.
About Deloitte EMEA Region
Deloitte’s Europe, Middle East and Africa practice (EMEA) brings together 88 countries and more than 70,000 practitioners with an outstanding level of integration that offer borderless professional services across the region.
About Deloitte EMEA financial services industry
Deloitte’s financial services practice in Europe, Middle East and Africa covers 28 jurisdictions. This team has more than 1,000 partners and over 10,000 professionals with vast experience and knowledge across the financial services industry.
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
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The information contained in this press release is correct at the time of going to press.
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