Having left his native Norway to study in Wales at the age of 16, Snorre Tysland was bitten by the travel bug that led him to live and work in Ecuador, England, Spain, Switzerland, Scotland, France, Portugal, and eventually Luxembourg. With a Belgian wife and three children who were born in the grand duchy, he feels very much at home here and continues to draw on his experiences to serve as Country CEO and Head of Corporate Banking Luxembourg, Barclays Europe.
“Each move exposed me to different cultures, languages, and ways of thinking,” Tysland says. He started his career at Reuters and later joined the banking and finance sector in Luxembourg, taking on a variety of roles at several institutions. “My exposure to different roles, markets, and products has helped to prepare me for my current position.”
“We work as part of a harmonised corporate banking platform across the EU and provide a full suite of solutions focused on the corporate treasurer to help clients with day-to-day banking needs as well as more strategic financing needs. We also work closely with teams in the UK, US and Asia so our clients see a truly global offering” he says. The bank also connects clients in Luxembourg with the international Barclays franchise across Banking, Markets and Private Banking.
“Since we launched in 2020, much of our success has been in operational banking and finance solutions for alternative investment funds. Now we are also seeing growth in our corporate strategic solutions: banking solutions for securitisation vehicles and captive insurance companies” – two areas that represent a significant opportunity for Luxembourg, he says.
Opportunities: securitisation and captive insurance
Tysland says that the securitisation market offers an opportunity for Luxembourg. “The Draghi and Letta reports highlight the growing need for harmonisation, simplification and investment within the EU. Infrastructure, defence, cyber defence, digitalisation, and sustainability are all areas that require investment,” he says.
Having worked across several European markets, Tysland has seen first-hand how different financial ecosystems respond to such needs. “One thing that struck me early in my career,” he recalls, “is how innovation often comes from connecting markets that don’t usually speak to each other. That’s something Luxembourg does exceptionally well – it’s a connector.”
European households have a close to €40 trillion of financial assets, much of it in savings accounts. “Securitisation structures in Luxembourg and elsewhere could activate some of these savings and put them into more active investments, which would help to boost security as well as growth.” Given that Luxembourg already has an attractive securitisation regime that has been further improved recently, it could play a central role in this financing.
Snorre also notes that Luxembourg could strengthen its position by continuing to capitalise on the captive insurance market. “The country is well placed to benefit from a shift in offshore captive jurisdictions such as Bermuda and Cayman towards EU onshore domiciles where regulations and transparency align with investor expectations.”
The cost of maintaining captives is relatively high, and challenges do exist. “As banks, we can help with that, including replacing trapped capital with guarantee solutions, releasing cash for other purposes. And Tech companies now offer solutions to help captives automate processes and strengthen risk management. In Luxembourg, there is a whole ecosystem to address these issues.”
It’s an exciting time to work in banking in one of the most dynamic financial markets in the world.
New challenges: treasury, regulatory, and security
“Treasurers in Luxembourg are navigating increasingly complex structures – multi-country, multicurrency, multi-entity – often under tight regulation,” observes Tysland. “But that complexity also creates opportunity for those willing to innovate.”
One of the most significant shifts, Tysland notes, is the move toward instant payments across the EU and beyond. “Instant payments are a game changer,” he says. “They improve speed and customer experience but also come with increased potential fraud risks. That’s why more sophisticated treasury functions are turning to advanced treasury management systems, which centralise cash and liquidity data and enable better decision-making through analytics and automation.”
Tysland emphasises that, even with the most advanced systems, success ultimately depends on people. “No matter how good the technology, it always comes down to how teams collaborate across borders and disciplines. At Barclays Luxembourg, we combine technical expertise with human connection.”
Regulation, he argues, is both a strength and a challenge for Luxembourg. “Strong regulation provides stability and protects investors, and Luxembourg excels in this respect.” However, he acknowledges that the regulatory burden is growing, with new frameworks like CSRD and DORA demanding more granular data and cross-functional coordination. Then there is the ongoing challenge around bank account opening. “Efficient onboarding is crucial, and the best results come when banks and clients work together in partnership. While there is still scope for improvement, collaboration can make the process quicker and more straight forward.” Bringing down the cost of compliance through automation and other efficiencies, will help drive improvements in this area.
Cybersecurity should also be top of mind for treasury departments today. According to the Allianz Risk Barometer, cyber is now the number one business risk globally. Ransomware, phishing, and supply chain compromises are daily concerns and the firms that succeed will be those that embed security into their digital transformation and invest in continuous monitoring and third-party risk management. “Collaboration with experts across the industry is also vital, as these threats evolve quickly and we are better prepared when we work together.”
As Luxembourg’s financial sector continues to evolve, Snorre Tysland is confident in the country’s ability to adapt and thrive. “We are truly fortunate to be part of a country like Luxembourg,” he says, believing that with collaboration and creativity, “the nation can create opportunities for shared success – not only locally, but across Europe.”
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