Banks in Luxembourg

Overview of Top Banks in Luxembourg

In the Luxembourg economy, the Financial Services industry in that the banking sector plays a key role. The financial industry in Luxembourg contributes 27% of the total GDP. Banks in Luxembourg are world leaders in financial services and offer services like investment, multi-currency accounts, and Offshore banking, Private Banking, asset management. Even the Luxembourg is small in size there are around 150 banks in Luxembourg and out of that 30% of them are international Banks. In Luxembourg, there are no restrictions on a foreigner for owning a bank account and therefore both resident and non-residence can open an account in banks and invest in Luxembourg.

Luxembourg is one of the leading wealth management centers in the Euro area and it is the world’s second investment fund center after the United States and Europe’s first with around 4,187 billion Euros assets under management at the end January 2017. Luxembourg draws on its political, economic and regulatory stability to foster a strong culture of investors protection and its rate as AAA by rating agencies. Commission de Surveillance du Secteur Financier (CSSF) is responsible for Financial Regulation in Luxembourg and the supervision of financial sectors in the country. Luxembourg Central Bank (BCL) is Central bank Luxembourg and its mission is to define and implement European monetary policy.

Top 10 Banks Luxembourg

Here is a list of the top 10 Banks in Luxembourg and know them in detail:

1. Societe General Bank and Trust

It is one of the leading financial services group in Europe founded in 1893, and oldest foreign banking institution in the Grand Duchy. Group offer services to business customers, institutional investors, and High Net worth individuals (private banking) through its highly active trading room and services offered by the group are like Private Banking, Wealth Planning, Securities Services, Custody, and Trustee Services, Corporate Services, Cash Management, etc. At the end of December, 2017 net banking income was 553 Million Euros and total assets were 41 billion Euros with 3 billion Shareholders Equity.

2. BGL BNP Paribas S.A.

BNP Paribas group has established itself as one of the leading banks in the financial markets in Luxembourg. Groups provide services to Individual, professional and individual clients, and Private Banking and it provides services like retail banking, wealth management, corporate and investment banking, current accounts, payment cards, and remote banking services, etc. At the end of June, 2018 net banking income was EUR 693.1 Million which was up by 6%. At the end of 2017 BNP Paribas group employed around 3,700 people in Luxembourg of which 2,379 at BGL BNP Paribas. In 2018 the international magazine Euromoney named BGL BNP Paribas as Best Bank In Luxembourg.

3. Deutsche Bank Luxembourg S.A.

Deutsche Bank Luxembourg S.A. was founded in 1970, and it was the first foreign subsidiary established by Deutsche Bank AG and today it is one of the leading financial service providers in Luxembourg. Banks areas of activities are corporate and investment finance, private assets management (Wealth Management), investors and issuer services, international loans and agency services. Total assets with the bank were 37,676.00 Million Euro in 2017 and annual profit was 218.00 Million Euro. The total employee working in the bank was 340 in 2017.

4. Banque ET Caisse D’epargne DE L’etat (BCEE).

It was founded in 1856 and it provides Financial and banking products and services to private customers, Small and medium enterprises, self-employed professional, and institutional customers. The bank offers Saving and investment products, Digital and personalized investment plan, various funds, equities, and bonds, etc. A bank employed around 1,872 employees. In 2017 total assets with the bank was 45,518.00 Million Euro and the annual profit was 241.00 Million Euro. Bank has assigned with high-grade long term credit rating by credit rating agency Moody’s. The bank is a state-owned bank and its sole shareholders are the state of Luxembourg.

5. Banque de Luxembourg S.A.

It is financial institutions in Luxembourg founded in 1920 and one of the leading private bank in Luxembourg. Bank support individuals, families and individuals and entrepreneurs in Structuring, managing and handing over their wealth. Bank offers services through five areas private banking, credit services, services for businesses and entrepreneurs, assets management and professional banking. Bank reported a net income of 247 Million Euro and a net profit of 63 Million Euro during the year 2017 and Equity capital was 986 Million Euro. A bank employed around 900 people in Luxembourg.

6. Banque Internationale a Luxembourg

It was founded in 1856 and one of the oldest private banking group in the Grand Duchy. It plays key roles in developing the local economy and operates in retail banking, corporate banking, and private banking activities. BIL groups employ more than 2,000 people around the world. Total assets with a group in 2017 were 23,753.00 Million Euro and the annual profit was 117.00 Million Euro. Good credit quality rating was assigned to the bank for long term credit by credit rating agency Fitch and by Moody’s as upper medium grade that is A3

7. UniCredit Luxembourg

UniCredit Luxembourg was founded in 1971 and it provides corporate banking services in Luxembourg. Its main products and services are standardized short term loans, structured finance solutions, and trade finance. A bank also offers services like treasury and business services, money markets products and foreign exchange in Major currencies, etc. Total assets with the bank were 17,993.00 Million Euro and its annual profit was 69.00 Million Euro and it employs around 150 people in 2017. The long term credit rating of the bank is upper medium grade assigned by credit rating agency Moody’s.

8. Intesa Sanpaolo Bank Luxembourg S.A.

It was founded in 1976 in Luxembourg and earlier it was known as Société Européenne de Banque (SEB) and in 2007 after the merger of two major Italian banks changed its name to Intesa Sanpaolo Bank Luxembourg S.A. It offers services in retail banking, commercial banking, and investment banking. It operates as a subsidiary of Intesa Sanpaolo Holding International S.A. It mainly focuses on corporate banking (lending and Financing, cash management, trade finance) and wealth management product and services. In 2017 total assets with the bank was 22,203.00 Million Euro and the annual profit was 135.00 Million Euro and it employs around 170 people till 2017.

9. Nord/LB Luxembourg Covered Bond Bank

It was established in 1972 in Luxembourg as Nord/ LB Luxembourg and after merging two banks in May 2015 special Bank operates under the name Nord/LB Luxembourg Covered Bond Bank. Total assets with the bank as of June 2018 was 15,532. 60 Million Euro. In the first half of 2018, the bank reported a net loss of 12.9 Million Euro. The bank operates through financial markets, loans, client services and businesses to business, bank management, and other segments. The Bank had 189 People in 2017 and the long term credit rating of the bank was lower medium grade as of May 2018.

10. DZ Privatbank S.A.

It was founded in 1977 and it is specialized in private banking, fund services, and loans in all currencies within the cooperative financial network. It also offers services in classical assets management, assets Structuring, financial and retirement planning, etc. Bank reported earnings after taxes of 11.4 Million Euro for the year 2018 and the operating results of 36.0 Million Euro. The bank employed around 939 people until 2018. The long term credit rating of the bank was very high credit quality as of May 2018 rated by credit rating agency Fitch. It was previously known as DZ Bank International S.A. changed to its current name in 2010.

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