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Thursday, 18th April 2024
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Banks and insurers form pan-European round table Back  
Leading European banks and insurers have joined forces to form the European Round Table of Financial Services (ERF).

Members of the ERF are chairmen and chief executives of leading European financial institutions.
Amongst the initial members are Deutsche Bank, ABN AMRO Bank, CGNU and Fortis.

The purpose of the ERF is to provide a strong industry voice on European policy issues relating to financial services. The initial objective will be to support the completion of the single market in financial services. Members of the ERF believe that creating free competition on a level playing field - with fully harmonised regulations and a single capital market - will bring substantial benefits to customers including increased competitions and greater innovation. These benefits will help to drive prices down and deliver a wider and better choice for financial products to customers.

Pehr Gyllenhammar of CGNU has been elected as chairman of the ERF. He said ‘We are all convinced of the importance of supporting the completion of the Single Market in Financial Services which will bring substantial benefits for consumers by promoting competition and consumer choice.’

The founding members of the ERF include, AXA, Deutsche Bank, Nordea, Assicurazioni Generali, ABN AMRO Bank, CGNU, Royal Bank of Scotland, BNP Paribas, UniCredito Italiano, Allianz, Aegon and Fortis. Further members will be invited to join.

The ERF said that it will not duplicate the work of other existing national and European industry associations. Rather it will work with the European Commission, the European Parliament and national governments to support initiatives which will bring practical benefits to the industry.

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