The recent surprise shock to world financial markets happened on June 23rd when the United Kingdom voted to leave the European Union. Although somewhat old news now, the world is still feeling financial pain over this decision. Nearly every global stock exchange and market has seen a drop in value along with the British pound hitting records lows. Since the UK voted to exit the EU trading bloc, sterling GBP fell more than 12% against the US dollar. on Friday the 24th the pound dropped to an unprecedented low during United States trading day, and on Tuesday the 28th of June, the pound was hovering at a roughly 30-year low at $1.3342.
Luigi Wewege, Chief Executive Officer of Vivier Banking & Financial services, comprising of Vivier Bank a licensed offshore private bank and Vivier & Co a boutique financial services firm, believes the best is yet to come over the next several years for the UK. "It looks like as though the British made a hasty decision in leaving the EU although after the political and economic outlook stabilizes, I believe that Foreign Direct Investment will once again flow back into the UK," said Wewege. "A couple years from now, people will look back up on this as one of the best decisions the UK has made financially."
While Mr. Wewege has strong faith in the British economy, the immediate effects of Brexit have empowered the US economy especially strengthening the US banks with further growth expected in the near future. "One major upside financially, is that the UK can now negotiate unhindered when it comes to commerce arrangements with various countries and not have the EU dictate terms to them," says Luigi. "I also expect to see the US and UK continue to solidify their relationship with many more initiatives to be developed so as to benefit each other economically.
Copyright © 2016, Chicago Tribune
Luigi is the President and CEO of Vivier Group a multinational banking and financial services group of companies, providing its select services worldwide through representation in jurisdictions across Africa, Asia, Oceania, Europe and South America. The group of companies comprise of Vivier Bank, Vivier & Co, Vivier Capital, Vivier Developments, Vivier Investments, Vivier Ventures and launching shortly Vivier Growth Fund.
Luigi’s primary focus within Vivier is to manage and grow the banking & financial service divisions where he manages both Vivier Bank and Vivier & Co as the Chief Executive Officer. Outside of the Group he serves as Executive Chairman of Nikau Global an Auckland based international trade firm, the Managing Partner of Palmetto Global Ventures a bespoke financial management consultancy firm headquartered in South Carolina, and is a member of Boston, MA based non-profit The YEC.
