Bank of America announced this week that it has opened a new branch in Luxembourg.
The launch enables the bank to support clients – corporate, commercial and NBFIs (non-bank financial institutions) – in setting up local bank accounts, and provide in-country transaction banking products and services. Luxembourg is the second largest investment fund centre in the world, after the United States.
Fernando Vicario, CEO of Bank of America Europe DAC said: “This announcement marks a significant milestone for businesses in the region. Many multi-national companies have chosen Luxembourg as a European hub for their activities and we are proud to support business opportunities and responsible growth in this important financial centre.”
Matthew Davies, Head of Global Transaction Services (GTS), EMEA and Global co-head of Corporate Sales, GTS said: “GTS has been operating in EMEA for over 90 years. The opening of the Luxembourg branch demonstrates our ongoing commitment to supporting clients in key countries where they have cash management requirements and providing strategic advice with building resilient enterprises.”
Davies told TMI: “One of the many benefits of our global platform is how we enable clients to transact anywhere, anytime, providing the same experience wherever they are in the world. Our new Luxembourg branch will utilise the same banking infrastructure as our EMEA setup, which means we will offer the same transaction banking journey to our clients as in the other European countries.”
Speaking to TMI about how the Luxembourg on-the-ground advisory team will assist businesses from outside the jurisdiction, Benoit Nevouet, Luxembourg Branch Manager, Bank of America said: “Our on-the-ground Luxembourg advisory team is fully integrated within our colleagues across EMEA and globally. This means we can efficiently support clients outside of Luxembourg with in-country requirements.”
Pablo Izquierdo, Head of FI Sales, GTS EMEA, Bank of America added: “At Bank of America, we believe that success is built on strong relationships and exceptional service. As we expand our presence in Luxembourg, we remain committed to delivering the same high level of service that our clients have come to expect from us around the world. Whether it’s our global platform for treasury services and payment solutions, or our award-winning digital banking platform CashPro, we are dedicated to providing our clients with the tools and support they need to succeed.”