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Luxembourg

TCS Luxembourg was created in October 2005 as a reult of TCS’ global outsourcing deal with a large international Dutch bank. This deal involved a TCS take over of the management of operations across 11 countries. To perform this project, TCS Luxembourg obtained the PSF 29v3 status in 2005 and 29v2 in 2006. (Since 2003, the PSF circular enforces a strict legal environment for the companies servicing the financial sector and governs financial sector professionals).

From its initial strength of 25 employees, TCS Luxembourg has seen a steady growth in its manpower to comprise 80 employees today. Projects entrusted to us by new customers will push the number of employees to 100 by the next year.

The services portfolio covers the full range of IT services. TCS Luxembourg is on its way to becoming the centre of excellence in private banking for our global consultancy practice. The Luxembourg banking sector is an international hub for private banking and investment management.

A key international financial centre, Luxembourg is ranked seventh among the largest financial centers in the world, with more than 156 banks, and is characterized by its maturity, innovativeness and adaptability. We leverage our vast experience in the financial services sector with our multilingual staff to serve the Luxembourg market.

Quick Facts

  • Presence: Present since 2005
  • Workforce: Eighty consultants onsite supported by a large offshore team
  • Diversity: Rich in diversity, with 70% of our consultants being of European origin; 30%, Indian/Non-European origin; and women comprising 20% of the staff
  • Languages: English, French, German, Dutch, Luxembourgish
  • Office Locations: New location in November 2006


Area of Expertise

TCS Luxembourg offers end-to-end outsourcing capabilities. Today, we manage the entire operations of a large Dutch bank. The location also offers IT capabilities to host customer infrastructure and support secured ASP applications.

We are able to offer a full range of services to our customers by using our global competencies and offshore capabilities in addition to our own expertise. TCS Luxembourg is in fact the TCS delivery center that specializes in private banking. From Luxembourg, we provide banking and financial expertise to clients spread across Europe. As the delivery centre for the private banking sector, TCS Luxembourg has specific skills in this space. For example, NCS (one of the best-known corporate action and custody softwares today) can now be supported from this location with a team of highly-trained specialists.

The team posseses a strong skill set and has experience in a variety of competencies including the following:

  • Misys, Triple A, Mirage, Datastage, Olympic, etc.
  • AML solutions - FinDNA
  • Business consultancy
  • Project management (Basel II, Mifid, Sepa, etc.)
  • Infrastructure to support the IT operations of banks
  • Implementation of quality process CMMi5 - ISO 27001 - ISO 17799 - ISO 9001:2000 - ISO 15000
  • Professionnels du Secteur Financier” (PSF) is a legal mandatory status required for all financial sector professionals who have access to bank and client data and provide services to the Luxembourg financial institutions. We obtained the PSF 29v3 status in 2005 and 29v2 in 2006

Benefits

We offer a high level of skills, flexibility and fast time to market.” We offer our clients tailored services to address diverse business imperatives. We provide strong skills and experience in the specific domain, especially in the private banking area. Finally, we provide certainty and excellence in delivery and results.

Organizations would like to experience the certainty of working with organizations that have the required certifications and those that have a deep knowledge of local conditions and regulations. We provide you with all these benefits accomplishing the following: 

  • Reduced total cost of IT ownership
  • Increased value from IT investments
  • Improved  management control and flexibility
  • Improved organizational performance 

Our staff consists of professionals who have spent most of their careers in the financial sector. Therefore, we are able to understand your requests and anticipate market evolution.

Regional Information

  • Numéro TVA: 20052226997
  • Régistre de commerce: B 112110
  • Numéro intracommunautaire: LU 20911251
  • Date of establishment: October 28, 2005
  • Principal shareholder: TATA Consultancy Services Netherlands BV, TATA Consultancy Services Belgium SA

Related Industries

Our financial services practice has a strong potential market in Luxembourg. This is because Luxembourg is a financial services hub, with a focus on banking (especially private banking), insurance and investment funds.

BANKING

Luxembourg has 156 credit institutions representing more than 16 different originating countries. Thirty of the fifty leading banks and most major international banking groups are represented in the Financial Center. The total banking sector employment represents 24,752 people.

The banking sector in Luxembourg offers a complete range of financial services to both institutional and private customers. It concentrates on private banking, institutional and investment fund management, domiciliation, administration and distribution.

FUND INDUSTRY

With more than 9,400 funds and assets under management in excess of €1.8 trillion at the end of 2006, Luxembourg is the second most-important investment fund domicile in the world after the US. The folloowing products are domiciled in Luxembourg:

  • UCITS funds
  • Hedge funds
  • Real estate funds
  • Structured products and guaranteed funds
  • Private equity and venture capital
  • Securitisation funds 

INSURANCE

The insurance sector is the third pillar of the Luxembourg economy, next to investment funds and banking. The reinsurance sector started in 1984. In December 1994, the government transposed into national law the third generation of European Union Directives, positioning the country as the first true pan-European center for life insurance and the promoter of cross-border marketing of insurance products.

That is the reason why major insurance companies chose Luxembourg as a base to launch their life insurance products to be marketed throughout Europe under the European Union freedom of services provision.

A legal and regulatory framework defined by the Commissariat Aux Assurances (CAA) gives insurance and reinsurance companies the guarantee to benefit from an efficient supervisory review and monitoring of their business, thus safeguarding the high quality of insurance/reinsurance operations.

Background information on Luxembourg

The Grand Duchy of Luxembourg, historically spelled Luxemburg, is a small landlocked country in western Europe, bordered by Belgium, France and Germany. Luxembourg has a population of under half a million people in an area of approximately 2,586 square kilometers.

Luxembourg is a parliamentary representative democracy with a constitutional monarchy, ruled by a Grand Duke. It is the worlds only sovereign Grand Duchy. The country has a highly developed economy, with the highest Gross Domestic Product (GDP) per capita in the world. Luxembourg is a founding member of the European Union, NATO, the United Nations, Benelux and the Western European Union, reflecting political consensus in favor of economic, political and military integration. The city of Luxembourg, the capital and largest city, is the seat of several institutions and agencies of the European Union.

Luxembourg lies on the cultural divide between Romance Europe and Germanic Europe, borrowing customs from each of the distinct traditions. Luxembourg is a trilingual country; French, German and Luxembourgish are official languages.

Overview of the Finance Sector in Luxembourg

Luxembourg has 156 credit institutions representing more than 16 different originating countries. The total banking sector employment represents 24,752 people.

The banking sector in Luxembourg offers a complete range of financial services to both institutional and private customers. It concentrates on private banking, institutional and investment fund management, domiciliation, administration and distribution.

Luxembourg facts and figures

  • Is a Small country (2586 km²)
  • Has 455.000 inhabitants (39% from EEC)
  • Presence of 155 banks (affiliated to ABBL) and 142 providers of financial services
  • Is the world’s second largest funds industry
  • Financial sector represents 30% Luxembourg PIB
  • Mandatory PSF Status for the suppliers of financial services