Overview of banks in Luxembourg
There are 144 banks in Luxembourg, of which more than 120 are branches and subsidiaries of foreign banks. The country's financial sector is the main contributor to the national economy. The combined assets of Luxembourg banks are valued at around € 760 billion. It is also the second largest investment fund center in the world after the United States .
The main Luxembourg banks are:
Deutsche Bank Luxembourg SA
German banking giant Deutsche Bank set up a subsidiary in Luxembourg in the summer of 1970, its first foreign subsidiary after World War II. Deutsche Bank Luxembourg was one of the first financial institutions established in the country. The bank provides private wealth management services, international lending and agency services, Luxembourg Bank Accounts to businesses and investment and retail investment services.
Total assets in 2015: € 80,023,000,000 (-6.45%)
2015 annual profit: € 289,000,000 (+ 56,22%)
CACEIS Bank Luxembourg
CACEIS is a French bank specializing in asset management. It is part of the Crédit Agricole Group, a French banking cooperative made up of 39 regional banks. CACEIS Luxembourg was incorporated in 2003 and is one of the largest banks in Luxembourg. The bank offers a variety of Bank Accounts in Luxembourg, including deposit and custody services, fund administration, transfer agency, and institutional and corporate banking services.
Total assets in 2015: € 46,082,000,000 (+ 6.74%)
Total profit in 2015: 84,000,000 € (-1.18%)
State Bank and Savings Fund (BCEE)
The State Bank and Caisse d'Épargne (BCEE) is the largest national financial institution in Luxembourg. Known as Spuerkeess in Luxembourgish, it was founded in 1856 and is 100% owned by the Luxembourg state. The bank offers a wide range of commercial and corporate Luxembourg Bank Accounts, including asset management, project finance and specialized private banking. BCEE's long-term credit rating according to Moody's is Aa2 (high quality).
Total assets in 2015: € 42,797,000,000 (+ 3.99%)
Total profit in 2015: 230,000,000 € (+ 5.02%)
Societe Generale Bank & Trust
Societe Generale Bank and Trust is the oldest foreign bank in Luxembourg. It was originally created as a branch of Société Générale Alsacienne de Banque (SOGENAL). Formerly known as Luxbanque Société Luxembourgeoise de Banque SA, it changed its name to Société Générale Bank & Trust SA in 1995. The bank provides a wide variety of Bank Accounts in Luxembourg, including wealth management, trading and the management of securities, and the provision of corporate finance services, in the European Union and internationally. It also offers specialized private banking services.
Total assets in 2015: € 36,399,000,000 (+ 1.68%)
Total profit in 2015: 406,000,000 € (-33,44%)
BGL BNP Paribas
Banque Générale du Luxembourg (BGL) was founded in 1919 as a regional bank. In 2009, BGL became a member of the BNP Paribas group. The bank offers Luxembourg Bank Accounts and services related to retail banking, personal wealth management and banking and investment management to companies and institutions. BGL BNP Paribas' long-term credit rating according to Moody's is A1 (upper average rating).
Total assets in 2015: € 32,969,000,000 (+ 4.77%)
Total 2015 result: 152,000,000 € (-13.64%)
UniCredit Luxembourg SA
UniCredit Bank was one of the first foreign banks in Luxembourg. UniCredit Luxembourg is part of the UniCredit group, born from the merger of banking establishments in Italy, Germany and Austria, in addition to acquisitions in Central and Eastern Europe. Today, UniCredit Group operates several branches and subsidiaries in 50 countries. UniCredit Luxembourg provides corporate banking and wealth management products and services and has a long-term credit rating of A3 (upper average rating) according to Moody's.
Total assets in 2015: € 19,728,000,000 (-13.33%)
Total profit in 2015: € 64,000,000 (-24,71%)
Banque Internationale à Luxembourg (BIL)
Banque Internationale à Luxembourg (BIL) was created in 1856 and is the oldest private banking group in the country. BIL offers retail, private and corporate banking services. BIL's long-term credit rating according to Moody's is A3 (upper average rating).
Total assets in 2015: € 21,474,000,000 (+ 5.86%)
Total profit in 2015: 134,000,000 € (-20.71%)
In 1960, Credit Europeen was created in Luxembourg within the ING group. Over the next 40 years, it became one of the largest banks in Luxembourg. In 1987, NMB Bank (also of the ING group) was founded.
After the merger of NMB Bank and Nationale Nederlanden, the merged entity became ING Bank Luxembourg. In 2003, Credit Europeen and ING Bank Luxembourg merged into ING Luxembourg. The bank offers retail, private and corporate banking products and services.
Total assets in 2015: € 14,941,000,000 (+ 8.18%)
Total result in 2015: € 14,941,000,000 (-16.55%)
NORD / LB Luxembourg Covered Bond Bank
NORD / LB Luxembourg was first established under the name Berenberg Bank International SA in Luxembourg in 1972. After the merger of NORD / LB Luxembourg with its subsidiary NORD / LB Covered Finance Bank in 2015, the merged bank started to operate under the name NORD / LB Luxembourg Covered Bond Bank. The bank is a member of Norddeutsche Landesbank (Germany).
Total assets in 2014: € 13,804,000,000 (-8.32%)
Total result in 2014: € 29,000,000 (+ 7,41%)
Banque de Luxembourg SA
Banque de Luxembourg was established in Luxembourg in the 1920s. It is one of the largest private banks in the country and specializes in providing asset management services to individuals, families and businesses. The bank was created following the merger between Crédit Industreil d'Alsace et de Lorraine and Banque Mathieu Frères.
Total assets in 2015: € 12,924,000,000 (-5.64%)
Total 2015 result: € 69,000,000 (+ 9.52%)