What is the European Banking Federation?

TransferWise content team
2 minute read

What Is The European Banking Federation?

Europe’s banking sector is the largest in the world. It finances over €20 trillion in loans, makes 300 million payment transactions daily, employs 2.5 million people and is used by 400 million more. The sector is of course heavily affected by European and local policy and laws… and the European Banking Federation is there to put the banks’ views forward at legislative level. It is a non-profit organisation, based in Brussels.

“The Voice Of Europe’s Banks”

The EBF was formed in 1960 to act as the European banking sector’s mouthpiece. When European institutions are discussing banking and financial legislation, or legislation that impacts on the sector, the EBF acts as a dialogue partner. This ensures that the banks’ views are heavily taken into account. The federal nature of its structure means that it has naturally become a financial forum, where proposals from the various banking associations can be debated.

Who Does It Represent?

The EBF represents 32 national banking associations, which in turn represent around 4500 banks in the European Union and European Free Trade Association. Key within this are the banking associations of Europe’s largest economies: The British Bankers Association, the French Banking Federation, Germany’s Bundesverband deutscher Banken and the Swiss Bankers Association. There are also 13 associate members, including Albania, Russia, Turkey and the Ukraine.

What Are Its Aims?

One of the European Banking Federation’s main commitments is to support EU policies that promote the European single market - in the banking sector specifically, and financial services generally. It's an advocate of free and fair competition in the EU and world markets and its stated purpose is to serve the interests of the European banking community. To put it simply: The EBF is there to ensure that Europe’s banks remain as powerful as possible in the face of potentially negative EU legislation. Sending money internationally? Use TransferWise to save on bank charges.

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