Isabelle Alvarez is torn between two homes. For the past 13 years, she has lived in Singapore, a dynamic Asian hub she was sent to after joining Victor Buck Services (VBS). “Luxembourg is home because it is where I started,” she says. “But Singapore is too, because my children grew up there.”
Last year, Alvarez was called back to Luxembourg to lead VBS, a company that has evolved over 25 years into a global, innovation-driven, secure communications powerhouse, generating €32.1 million in revenue in 2024. Her dual-world experience reflects the company’s own vision of local roots with global ambitions.
From Family Print Business to Financial Communications Powerhouse
VBS traces its origins to the family print business Imprimerie de la Cour Victor Buck, which specialised in offset printing. Nicolas Buck, who took over the family business in 1995, spotted a niche in high-value financial reporting. In 2000, he partnered with Renaud Jamar, formerly of Xerox Belgium, to launch personalised digital printing, a partnership that led to the creation of Victor Buck Services. Their value proposition was clear: save banks time and money on internal printing resources.
Timing was critical. The launch of the Professionals of the Financial Sector (PSF) status introduced strict operational and procedural requirements, and VBS became the second company in Luxembourg to obtain PSF accreditation. This allowed banks to outsource printing and digital solutions with confidence. “They merged the two worlds of print and digital,” says Alvarez, who was then a client. “The timing was spot on.”
A Global Career Path
Raised in Belgium by Spanish parents, Alvarez studied commercial engineering at the University of Liège. She began her career in Luxembourg in 1996 as a funds accountant before joining VBS as COO in 2009. When the company was acquired by Post Group, the new CEO suggested Alvarez run the Singapore operations. “It was always my dream to live and work in Asia,” she recalls. She remained there for 12 years before returning to Luxembourg in April 2025 as CEO, overseeing both territories.
Her multicultural upbringing and global career mirror VBS’s vision: a local firm with international reach.
Expanding Global Footprint
VBS operates out of Luxembourg and Singapore, serving clients in the United Kingdom, Ireland, Hong Kong, and Australia. “Our clients push us to go overseas,” Alvarez says. “We handle data from around the world, not just from where we are based or the contracts we hold. It is a very international field.”
VBS is part of POST Luxembourg, which reported €978 million in sales in 2024. VBS’ revenue has been steadily rising: €30.2 million in 2022, €30.7 million in 2023, and €32.1 million in 2024. Printing solutions remain the strongest growth driver, but Alvarez notes other segments are catching up. “Our document digitisation service has double-digit year-on-year growth,” she says.
Under her leadership, VBS is expanding its Singapore presence with a dedicated production facility. Currently, the company partners with local providers worldwide to print letters closer to their destinations, but the new facility will allow VBS to in-source this work, improving speed and control.
Innovation and Strategic Partnerships
Historically, VBS developed much of its innovation in-house. Today, Alvarez emphasises strategic partnerships for specialised tech solutions, particularly in printing, digital, archiving, and multichannel communications. “We are in a game-changing situation where technology is becoming very specific,” she says.
VBS’s innovation approach is proactive. The Vdocs data repository system, initially met with limited interest, now sees growing adoption. “Not all innovations gain traction immediately, but it is important to keep investing in research and development,” Alvarez says. “You need to find products that solve client problems and listen to their needs.”
AI and the Future of Document Services
AI is central to VBS’s future strategy. Internally, the company explores AI bots for faster information sharing. Externally, Alvarez is investigating AI-driven enhancements for clients, such as adding voice to documents to comply with the European Accessibility Act. “In the past, this would have been difficult, but AI makes it possible to extract data from documents and create voice outputs,” she explains.
Culture and Talent
VBS employs 160 staff, a number that continues to grow. The company maintains a family-feel culture where everyone knows each other, reflected in a low attrition rate of just 4% in 2025. Alvarez views employees as “internal clients,” emphasising mentorship, coaching, and realistic, scenario-based hiring to ensure cultural fit. “It costs nothing to mentor, but the transformation effects are extraordinary,” she says.
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