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Belgium/België/Belgique/
Belgien
INTRODUCTION
General
Capital/Other major cities: Brussels/Antwerp, Ghent, Charleroi, Liège, Bruges
Area: 30,528 km2
Population: 10.38m
Languages: Dutch, French, German
Currency: Euro (EUR)
Country telephone code: 32
National holidays:
2nd half 2006 – 11 (Flemish community only), 21 Jul, 15 Aug,
27 Sep (French community only), 1, 11 Nov, 25–26 Dec.
2007 – 1 Jan, 6, 9 Apr, 1, 17, 28 May, 11 (Flemish community only), 21 Jul, 15 Aug,
27 Sep (French community only), 1, 11, Nov, 25 Dec.
Business/Banking hours: 09:00–16:00 (Mon–Fri)
Stock exchange: Euronext Brussels
Leading share index: BEL20
Government
Legislature
Parliamentary monarchy with a bicameral Parliament composed of the Chamber of
Representatives and the Senate.
Chamber of Representatives – 150 members elected via proportional representation for four-
year terms.
Senate – 71 members; 40 are elected via proportional representation, ten appointed by the
elected senators and 21 appointed by the three linguistic communities’ assemblies for four-year
terms.
Belgium is a Federal State in which the regions and communities (Flemish, Walloon and Brussels
regions and Flemish, French and German speaking communities) have significant powers.
Belgium is a founding member of the EU.
Head of state
King Albert II.
Political leader
Guy Verhofstadt, PM since 12 June 1999. Head of a coalition government between his Liberal-
Democrats and the Socialists.
Economy
2005 2006
2000 2001 2002 2003 2004
Q3 Q4 YEAR Q1 Q2
Exchange rate* (EUR†/USD) 1.0854 1.1175 1.0626 0.8860 0.8054 0.8201 0.8415 0.8041 0.8320 0.7962
Interest rate*
4.39 4.26 3.32 2.34 2.11 2.13 2.34 2.19 2.61 2.89
(3-month euro-area MMR) (%)
Consumer inflation** (%) + 2.6 + 2.5 + 1.6 + 1.6 + 2.1 + 3.1 + 2.6 + 2.8 + 2.2 + 2.0
Unemployment (%) 10.9 10.8 11.2 12.3 12.8 13.5 NA NA NA NA
GDP volume growth** (%) + 3.8 + 1.0 + 1.6 + 0.9 + 2.6 + 1.1 + 1.3 + 1.2 + 2.7 NA
GDP (EURbn†) 252 259 268 275 288 - - 298 - -
GDP (USDbn) 232 232 252 310 358 - - 371 - -
GDP per capita (USD) 22,541 22,436 24,345 29,902 34,383 - - 35,566 - -
BoP (goods/services/income)
6.7 5.9 6.3 6.2 5.3 - - 4.5 - -
as % GDP ***
* Period average. ** Year on year. † BEF (Belgian Franc) until1999, EUR since 1999 at BEF40.3399 per EUR.
*** For 1996 until 2002 BoP for Belgium and Luxembourg; from 2002 for Belgium only.
Source: International Financial Statistics, IMF August 2006.
Sectoral distribution of GDP (% of GDP)
Agriculture 1%
Industry 24%
Services 74.9% (2004 estimate)
COUNTRY CREDIT RATING
Fitch Ratings rates Belgium’s issuer credit as:-
Local Currency
Term Foreign Currency Rating
Rating
Short - F1 +
Long AA+ AA+
Long term rating alert Outlook Stable
Source: www.fitchratings.com September 2006
LEGAL AND REGULATORY
Central bank
The Belgian central bank, De Nationale Bank van België (NBB) / La Banque Nationale de
Belgique (BNB), is an independent institution which operates in accordance with the 1998 Organic
Law of the National Bank of Belgium and the Statutes of the National Bank of Belgium. As a
member of the European System of Central Banks (ESCB), it shares responsibility for the
‘performance of the ESCB’s tasks with the primary objective of maintaining price stability’.
Bank supervision
The Banking, Finance and Insurance Commission (CBFA) supervises the financial sector within
Belgium. The CBFA is an independent public institution that was established on 1 January 2004
following the merger of the Insurance Supervisory Authority (ISA) into the Commission for Banks
and Financial Institutions (CBF). The CBFA operates in accordance with the Law on Supervision
of the Financial Sector and Financial Services of 2 August 2002.
Resident/ Non-resident status
A resident company has a legally registered office, or its main activity or place of effective
management located in Belgium.
Bank accounts
Foreign currency accounts can be held by residents both domestically and abroad. Accounts in
domestic currency (EUR) can be held abroad and are convertible into foreign currency.
Non-resident bank accounts are permitted in Belgium, denominated in either domestic or foreign
currency. Non-resident accounts in domestic currency (EUR) are also convertible into foreign
currency.
Interest can be offered on current accounts and term deposits. Yields, however, tend to be low.
Belgian companies widely use overdraft facilities as a short-term financing method.
Reporting
Reporting regulations
Reporting regulations requiring all transactions between residents and non-residents and residents’
transactions on accounts held abroad to be reported individually to the NBB/BNB (if they
exceeded EUR 12,500) were abolished at the beginning of 2006 when Belgium moved to a survey-
based reporting system.
The NBB/BNB collects information for balance of payments statistics through surveys on foreign
assets and liabilities.
Reporting method
Companies obliged to submit reports are contacted individually by the NBB/BNB.
Unprompted reporting is not necessary.
Anti-money laundering / Counter-terrorist financing*
Belgium has implemented the relevant EU anti-money laundering legislation (‘Law on Preventing
Use of the Financial System for Purposes of Money Laundering’ of 1993, as amended, ‘Law of 3
May 2002’, ‘Law of 19 December 2003’, ‘Regulations of the Banking, Finance and Insurance
Commission on preventing money-laundering and the financing of terrorism’ of 2004 and Articles
140 and 505 of the Penal Code).
A Financial Action Task Force (FATF) member, Belgium observes most of the FATF-49
standards.
Belgium has established a financial intelligence unit (FIU), the Financial Information Processing
Unit (CTIF-CFI), which is a member of The Egmont Group.
Financial institutions are required to record and report suspicious transactions to the CTIF-CFI.
Transactions involving customers (natural persons and legal entities) from countries or territories
on the FATF list of non-co-operative countries and territories must be reported to the CTIF-CFI.
Cash payments above EUR 15,000 for goods and real property are prohibited.
The identity of clients engaging in transactions equal to or greater than EUR 10,000 must be
recorded.
Account opening procedures require formal identification of the customer.
“Know your customer” principles must be complied with for all transactions.
Financial institutions are required to identify the purpose and nature of the business relationship
and the types of transaction that the customer will wish to undertake.
Financial institutions must identify the beneficial owners and structure of legal entities, trusts, and
unincorporated associations.
Identification requirements do not apply when the customer is a credit or financial institution or an
investment company resident in Belgium or a country that has equivalent anti-money laundering
regulations.
All records must be kept for a minimum of five years in such a manner that the transaction can be
reconstructed.
*Supplied by BCL Burton & Copeland (www.burtoncopeland.co.uk for background explanatory article). Data as at May 2006.
Exchange controls
Restrictions on capital transactions do not apply in Belgium.
Belgium participates fully in EMU.
Since 28 February 2002, the euro (EUR) has replaced the Belgian franc (BEF) as sole legal tender
with a conversion rate of BEF 40.3399: EUR 1.
TAXATION*
Resident/Non-resident
A company (or ‘legal entity’) is considered resident if its registered office, principal establishment
or centre of management is based in Belgium.
Tax year
Companies are taxed on the taxable income of each accounting year. The tax return should be filed
in the period which begins one month after the financial statement’s approval and ends six months
after the accounting year closing date.
Corporate taxation
As of tax year 2004 (financial year ended 31 December 2003), the basic rate of corporate taxation
for residents and non-residents is 33.99% (a basic rate of 33% with an additional 3% austerity
surcharge calculated on the rate of income tax on taxable income). A staggered series of reduced
rates apply for companies whose taxable income does not exceed EUR 322,500 and who are not
excluded from the reduced tax rates (companies excluded from the reduced tax rates include
companies such as holding companies and companies owned 50% or more by other legal entities).
Companies resident in Belgium are subject to corporate tax on their worldwide income (taxation of
foreign-source income could however be exempted, based on tax treaty provisions). Non-resident
companies pay tax only on Belgian-sourced income, generated through a permanent establishment
or Belgian real estate.
As of 1 January 2006, all Belgian resident companies and Belgian branches of foreign companies
benefit from a notional interest deduction. Said deduction is computed on the basis of the Belgian
taxpayer’s adjusted net equity
Advance tax ruling availability
A new advance tax ruling regime was introduced in Belgium on 1 January 2003, under which tax
payers can obtain advance confirmation from the tax authorities regarding how the law shall be
applied to a particular situation or operation that has not yet had any effect from a taxation point of
view. From 1 January 2005, the Advance Ruling Commission has operated as an autonomous
public office within the Federal Ministry of Finance.
The advance tax ruling procedure applies to all federal taxes. It may also relate to the regional
taxes collected by the Federal State, such as the withholding tax on immovable property income.
Thin capitalisation
Interest paid to a non-resident company that is not subject to corporate tax or which benefits from
a considerably more advantageous tax regime than the Belgian one (as far as interest income is
concerned) is not tax deductible to the extent that the related loans exceed a debt/equity ratio of
7:1. The excess interest is not recharacterised as a dividend payment but is not tax deductible for
the Belgian company.
Interest paid or attributed by a Belgian company on advances/loans granted by an individual
shareholder or by directors, acting managers or persons (including legal entities) with a similar
function to the Belgian interest paying company will be deemed to be dividends if:
the interest rate exceeds the market interest rate; or
the total amount of the interest-generating advances exceeds the paid-up capital (at the end of
the taxable period) plus taxed reserves (as at the beginning of the taxable period).
To the extent that one of these limits is exceeded, the excess portion of the interest is treated as a
dividend payment. The requalification into a dividend means that the excess is added to the taxable
income of the company and, as distributed profits, is in principle subject to a withholding tax.
Transfer pricing
Belgium has transfer-pricing rules based around the OECD rules, which operate by reference to
arm’s length principles under which profits can be adjusted.
Capital gains tax
Generally, capital gains arising on the disposal of tangible and intangible assets are taxable at the
normal corporate tax rate. The gain is calculated by deducting the cost and any tax depreciation
from the proceeds.
If business assets have been held for more than five years, and the sale proceeds are reinvested in
tangible or intangible assets used in Belgium for the conduct of a business activity within three
years (five in certain circumstances), the tax can be spread across the period over which the
replacement assets are depreciated.
Capital losses on business assets can be deducted from other income in the accounting year they
are incurred.
Capital gains on shares are not taxable provided that the dividends from the shares qualify for the
dividends received deduction regime. Capital losses on shares are in principle not tax deductible.
However, capital losses on shares incurred on the liquidation of a company remain deductible to
the extent that the paid-up capital that is represented by the shares is lost.
Stamp duty
No stamp duty is levied on loan agreements.
Withholding tax (subject to tax treaties and other exemptions)
Payments to: Interest Dividends Royalties Other
income
Resident_ Companies 0% 15%/25% 0% N/A
Non-resident_ Companies 15% 15%/25% 15% N/A
For Belgian residents, domestic dividends are subject to a 25% withholding tax deducted at source
(which is creditable against corporate income tax and refundable on behalf of the beneficiary).
However, the following categories of dividends are eligible for a reduced withholding tax rate of
15%:
Dividends from shares or securities issued on or after 1 January 1994 by public offer.
Dividends from shares or securities which are part of a nominative subscription with the issuer
or placed in public custody with a bank, a public credit institution or a savings institution
supervised by the CBFA when these shares are issued on or after 1 January 1994 in exchange
for a cash contribution.
Dividends distributed by investment companies (such as BEVEK/SICAV, BEVAK/SICAF,
VBS/SIC).
Distributions (excluding returns of paid-up capital) made by a Belgian company in case of
liquidation are considered as dividends subject to a withholding tax of 10%.
In the case of dividend distributions by a Belgian company to a European or Belgian company, a
withholding tax exemption can in principle be claimed based on the EU Parent–Subsidiary
Directive as implemented in Belgian internal legislation. Such dividend payments are exempt from
Belgian withholding tax if they satisfy particular conditions, which include the parent company
holding at least 20% of the capital of the Belgian subsidiary (15 % for dividends distributions as of
1 January 2007 and 10% for dividends distributions as of 1 January 2009) and that the relevant
holding was held, or will be held, without interruption for a continuous period of at least one year.
A withholding tax of 15% is in principle levied on interest and royalties, subject to specific
exemptions. Royalties payable to Belgian residents are not subject to withholding tax.
A withholding tax exemption is available for interest paid to credit institutions established in the
EU or in a country having concluded a double tax treaty with Belgium.
In case of interest payments by a Belgian company to a European or Belgian company, a
withholding tax exemption can in principle be claimed based on the EU Interest and Royalties
Directive. Such interest payments are exempt from Belgian withholding tax if they satisfy
particular conditions, which include that one of the companies held or will hold a direct or indirect
holding of at least 25% of the capital of the other (or that a third company also located within the
European Union held or will hold directly or indirectly a holding of at least 25% in the capital of
both companies) without interruption for a continuous period of at least one year.
A withholding tax exemption is available for interest paid by qualifying Belgian intragroup
financial companies and qualifying Belgian holding companies.
Tax Treaties
Belgium has a wide network of tax treaties (approximately 90). Furthermore, Belgium has
concluded a tax agreement with the Taiwanese authorities and is the only country to have
concluded a double tax treaty with Hong Kong.
Sales taxes/VAT (incl. financial services)
VAT is imposed on all companies with an annual turnover above EUR5,580. A general rate of
21% is payable on the purchase of goods and performance of services. Intermediate reduced rates
of 12% and 6% apply to certain commodities.
Payroll and social security taxes
Employers are liable for social security contributions varying between around 33% and 35%
according to the employee’s function. The contributions are deductible for corporate income tax
purposes.
Employers are also obliged to withhold a payroll withholding tax at progressive rates (up to
approximately 50%) on remunerations paid to their employees.
*All tax information supplied by Deloitte & Touche (www.deloitte.com). Data as at 1 May 2006.
BANKING
Major banks
Bank Total assets (USDm)
31 Dec. 2005
Fortis Bank* 700.515
KBC Bank 317,793
Dexia Bank Belgium 258,353
ING Belgium 185,889
Axa Bank Belgium 23,066**
Euroclear bank 12,424**
CBC Banque 11,790**
Crédit Agricole/Landbouwkrediet 8,235**
* Includes all banking activities of the Belgo-Dutch Fortis group.
** Figures from 31 December 2004.
Source: www.bankersalmanac.com
Overview
At the end of 2005, there were approximately 104 banks operating in Belgium (of which around 26
were majority Belgian-owned and 28 were majority foreign-owned) and 50 are branches of foreign
banks. There are also approximately 20 representative offices of foreign banks in Belgium.
The open regulatory environment and the presence of a large number of international businesses in
Belgium (particularly multinational corporations with Belgian Co-ordination Centres) have
attracted the large international cash-management banks.
Consolidation within the Belgian banking sector has been intense as European banking groups
responded to the heightened competition brought about by the single currency.
The number of purely Belgian-owned banks has declined significantly after years of merger
activity, with several institutions having opted for cross-border mergers. Two powerful cross-
border institutions are the Belgo-Dutch Fortis Group and the Belgo-French Dexia Bank. Created in
1998 by the merger of Cera and Kredietbank, KBC is the other major domestic bank in Belgium
and the only major 100% Belgian-owned bank remaining.
Despite the high levels of concentration, there are still a number of niche players.
PAYMENT INSTRUMENTS
Payment statistics
Millions of Traffic
transactions (EUR billion)
% change % change
2003 2004 2004/2003 2003 2004 2004/2003
Cheques 23.7 19.1 -19.3 86.4 81.1 -6.1
Credit transfers 636.5 692.7 8.8 13,846.7 14,760.9 6.6
– paper-based 317.9 321.0 1.0 799.4 736.5 -7.9
– electronic 318.6 371.7 16.7 13,047.4 14,024.4 7.5
Direct debits 192.4 211.4 9.9 48.7 48.1 -1.3
Debit card payments 544.1 597.3 9.8 27.2 29.9 9.9
Credit card payments 70.4 74.0 5.2 7.3 6.8 -7.4
Card-based e-money 107.1 106.9 -0.1 0.55 0.53 -3.6
Other payment 85.3 1.0 29.1 33.4 14.9
84.4
instruments
Total 1,658.5 1,786.7 7.7 14,046.0 14,960.7 6.5
Source: ECB Blue Book statistical update, March 2006
Credit transfers
Credit transfer is the dominant payment instrument in Belgium, both in terms of volume and value.
Credit transfers are used to pay wages, pensions, tax and social security payments, in addition to
treasury operations.
Payments can be paper-based or automated. However, paper-based credit transfers are essentially
used for retail transactions.
Direct debits
The direct debit is limited to its pre-authorised form.
Direct debits are widely used for regular low-value payments such as utility bills and insurance
premia.
Cheques
Cheque payments have decreased in volume due to the cost of cheque collection and the increase
in usage of credit transfers, direct debits and card payments.
The withdrawal of the eurocheque guarantee at the beginning of 2002 has resulted in an even
sharper decline in the volume of cheque transactions. Usage is further discouraged by the high
tariffs imposed by the banking community. As a result, cheques are fast becoming a marginal
payment instrument only used for one-off, high-value payments such as property purchases.
Card payments
Credit and debit card usage is increasing but remains small compared with electronic credit
transfers.
Belgium has one of the highest concentrations of multibank ATM/POS terminals in Europe.
Belgium has used the PROTON multi-purpose pre-paid card scheme since 1998. However, whilst
growing, usage remains limited.
PAYMENT SYSTEMS
Type
The NBB/BNB is responsible for the operational management of the following payment
systems:
The Electronic Large-value Interbank Payments System (ELLIPS) is the national
TARGET-linked RTGS system.
The Centre for the Exchange of Operations (UCV/CEC) is an automated low-value net
settlement system.
The Clearing House of Belgium (CHB) is a decentralised paper-based net settlement
system.
Participants
ELLIPS has approximately 15 direct participants and 70 indirect participants.
The UCV/CEC has 22 direct and 63 indirect participants at present.
The CHB has 25 direct and 58 indirect participants.
Transaction types processed
ELLIPS settles urgent/high-value domestic and cross-border electronic credit transfers.
UVC/CEC clears the majority of retail payments in Belgium, i.e. credit transfers of less than
EUR 500,000, cheques of less than EUR 50,000, direct debits below EUR 5 million, bills of
exchange, e-banking transactions, cashpoint (payment card) transactions, and e-money
transactions.
The CHB only clears paper-based items which cannot be processed electronically in ELLIPS
or UCV/CEC. The CHB clears non-truncated cheques in EUR (above EUR 50,000), irregular
cheques, cheques in foreign currencies and certified cheques.
Operating hours
ELLIPS’ operating hours reflect those of TARGET i.e. 07:00–18:00 CET.
UCV/CEC operates 24 hours a day.
The CHB operates between 08:00–11:45 CET.
Clearing cycle details
ELLIPS
ELLIPS settles interbank (MT202) and customer-initiated (MT103) transfer transmitted via
SWIFT on a same-day basis and with immediate finality.
The cut-off time for customer payments is 17:00 CET, while interbank payments are
accepted until 18:00 CET.
The cut-off time for payments related to monetary policy is 18:30 CET.
UCV/CEC
UCV/CEC clears all transactions on a same-day settlement cycle (at 15:00 CET every day).
All paper-based items are truncated.
UCV/CEC operates 24 hours a day and has rolling cut-off times for different types of
transactions.
Later cut-off times and preferential pricing apply to banks which send payment data via
telecommunications networks.
Each participant’s net position is calculated by 15:15 CET before final settlement is effected
via ELLIPS across participants’ accounts at the NBB/BNB.
The UCV/CEC’s participants, including the NBB/BNB and the commercial banks, last year
upgraded the system’s technical platform and telecommunications network
CHB
The CHB clears transactions on a same-day clearing cycle if they are remitted between 08:00
and 11:45 CET.
Each participant’s net position is calculated at 15:15 CET before final settlement is effected
via ELLIPS across participants’ accounts at the NBB/BNB.
The remitting bank gathers the paper-based payment instruments in envelopes (one per
recipient) with clearing fees levied per envelope.
A transportation fee is also added if the envelopes are not remitted in Brussels.
All CHB operations are centralised in Brussels.
CASH MANAGEMENT
Domestic
Notional pooling
Notional pooling is permitted and offered by a good number of banks.
Each company within a group is treated as a separate legal entity, and therefore care has to be
taken with regard to such arrangements’ tax implications.
Cash concentration
All the major international and domestic cash management banks offer cash concentration
techniques.
Usage among Belgian companies is widespread.
Cross-border
Cross-border arrangements can vary from bank to bank.
Cross-border pooling for the eurozone countries is offered by many banks.
Some banks’ pooling products also include non-euro currencies, and there is also the
possibility of holding accounts abroad.
No restrictions apply to pooling residents and non-residents together in the same pool.
Lifting fees
Funds transfers between resident and non-resident accounts are subject to lifting fees.
However, use of lifting fees has become increasingly rare.
Belgian Co-ordination Centres
Belgium allows multinational companies to offer centralised cash management services to
their group members, and to conduct a wide variety of intra-group financial operations at low
fiscal cost, via its Belgian Co-ordination Centre (BCC) regime.
Under an agreement with the European Commission, Belgium will have to phase out the
BCC regime by the end of 2010. In practice, all existing Royal Decrees granting CC status
are being phased out before 2010.
New BCC licences fall under the new BCC status that was approved by the Belgian
Parliament on 24 December 2002. The new BCC status has a different tax basis and does not
provide a real-estate tax exemption. BCCs are also no longer exempt from paying capital tax.
Withholding tax exemptions for dividend and royalty payments have now been extended to
all Belgian companies.
Short-term investments
Interest can be earned on current accounts and short-term deposit accounts. Yields tend to be
low.
Time deposits’ interest rates vary in accordance with the maturity and amount.
Certificates of deposit (CDs) are offered by commercial banks and have maturities ranging
from seven days to one year.
Commercial paper is offered by companies and government bodies and has a maturity
ranging from seven days to one year. Dematerialised, commercial paper is traded by the
National Bank of Belgium via its clearing system.
Issued at regular intervals by the Belgian Treasury, T-bills have maturities of three, six or 12
months. Electronic, T-bills are electronically traded by the National Bank of Belgium via its
clearing system.
Repurchase agreements (repos) usually have maturities ranging from one day to one week.
Companies can invest in SICAVs (Société d’Investissement à Capital Variable), which are
open-ended investment companies.
ELECTRONIC BANKING
Electronic banking is widespread in Belgium.
The national electronic banking standard, ISABEL (Interbank Standards Association
Belgium), is based on a national EDI standard for balance and transaction reporting (CODA).
ISABEL is used by all the major domestic and foreign banks in Belgium. It provides
companies with cheap multibank reporting and transaction initiation services both
domestically and internationally.
Internet banking is becoming increasingly commonplace, both on a domestic and
international scale. Most banks offer some form of internet banking, and ISABEL has
developed a number of online facilities.
TRADE FINANCE
Trading partners
Import
Netherlands 17.8%, Germany 17.2%, France 11.4%, UK 6.8%, Ireland 6.5%, US 5.4%.
Export
Germany 19.4%, France 17.3%, Netherlands 11.7%, UK 8.2%, US 6.4%, Italy 5.3%.
Imports/Exports
Belgium applies the European Union customs code and all associated regulations and
commercial policies.
USEFUL CONTACTS
National Bank of Belgium www.nbb.be
Banking, Finance and Insurance Commission www.cbfa.be
Leading banks Fortis Bank www.fortis.com
KBC www.kbc.be
Dexia Bank www.dexia.be
Belgian Bankers’ and Stockbroking Firms’ Association www.abb-bvb.be
Association of Corporate Treasurers in Belgium www.ateb.be
Ministry of Finance www.minfin.fgov.be
Ministry of Economy www.mineco.fgov.be
Ministry of Foreign Affairs, Foreign Trade and Development Cooperation www.diplobel.fgov.be
Belgian Chambers of Commerce and Industry www.cci.be
Investment Company for Flanders www.gimv.be
Flanders Investment & Trade www.investinflanders.com
Office for Foreign Investors (Wallonia) www.investinwallonia.be
Brussels Regional Development Agency www.sdrb.irisnet.be
Federal Agency for Foreign Investors www.investinbelgium.fgov.be
Euronext Brussels www.euronext.com
ISABEL www.isabel.be
HSBC CONTACT DETAILS
Global Payments and Cash Management
HSBC Bank plc
270 Avenue de Tervueren, Bte 4
1150 Brussels
Belgium
Tel: +32 (0) 2227 8637
Fax: +32 (0) 2513 3524
E-mail: enquiriespcm@hsbc.com
