Banks in Luxembourg

6 April 2016, updated 8 October 2020

Located in the center of Western Europe, Luxembourg is a high-income, well diversified economy and a world financial center. Banking and financial services is one of the main industries of Luxembourg, with consolidated banking assets 14.34 times exceeding GDP. Favorable legislation and taxation, stable social and economic environment make Luxembourg an attractive destination for foreign financial institutions: out of 133 operating in Luxembourg there are 21 domestic banks, 69 subsidiaries of foreign banks, and 43 branches of foreign banks from 24 countries. The banking sector of Luxembourg is low-concentrated: 7 largest banks comprise together about 30% of consolidated banking assets.

Banks in Luxembourg by Country of Origin

Banking landscape of Luxembourg is broadly diversified not only in terms of international presense. The spectrum of provided products and services ranges from traditional for Luxembourg international private banking, asset and wealth management offered to individuals, business entities and institutions to modern investment banking, securities trading and custody services emerged with the development of IT industry.

Major Banks in Luxembourg

Out of 133 banks operating in Luxembourg, there are 7 largest banks comprising together about 30% of consolidated banking assets, each of the banks has market share of more than 2.0% of total banking assets.

Market Shares of Major Banks in Luxembourg

Among these 7 banks only 2 banks have Luxembourg capital, the other 5 are foreign-controlled banks. 3 banks operate as universal banks, while the other 4 are specialized banks, operating in either wealth management, corporate banking or securities services.

Rank Bank Name Total Assets (mln EUR) Country of Origin Business Focus
1   J.P. Morgan Bank Luxembourg S.A. 49,488 US United States investment banking
2   Banque et Caisse d’Epargne de l’Etat, Luxembourg 48,063 LU Luxembourg universal banking
3   BGL BNP Paribas 45,547 FR France universal banking
4   Société Générale Luxembourg 45,337 FR France private banking, investment banking
5   Deutsche Bank Luxembourg S.A. 30,141 DE Germany wealth management
6   Banque Internationale à Luxembourg 28,100 LU Luxembourg universal banking
7   Intesa Sanpaolo Bank Luxembourg S.A. 22,225 IT Italy corporate banking

During 2015-2019, total assets of BCEE, BGL BNP Paribas, Societe Generale haven't had significant changes, while Deutsche Bank's assets declined almost three times and assets of JP Morgan have climbed around 5 times during this period. In 2016 Deutsche Bank has achieved significant increase in net income, resulting in high return on assets.

Total Assets of Major Banks in Luxembourg Annual Profit of Major Banks in Luxembourg Return on Assets of Major Banks in Luxembourg

Domestic and Foreign-Controlled Banks

In Luxembourg there are 21 domestic banks and 69 foreign-controlled banks from 22 countries.

NameTotal AssetsAnnual ProfitCountry of Origin
Advanzia Bank S.A.2553.80 78.26 LU Luxembourg
Agricultural Bank of China (Luxembourg) S.A.21.75 0.04 CN China
Allfunds Bank International, S.A.0.00 0.00 ES Spain
Andbank Luxembourg281.79 1.14 AD Andorra
Banco Bradesco Europa S.A.2388.37 13.63 BR Brazil
Bank GPB International S.A.1643.00 20.67 RU Russian Federation
Bank Julius Baer Europe S.A.2875.64 -4.30 CH Switzerland
Bank of Communications (Luxembourg) S.A.0.00 0.00 CN China
Banking Circle S.A. DK Denmark
Bankinter Luxembourg S.A.834.55 4.29 ES Spain
Banque BCP S.A.668.09 0.77 FR France
Banque de Luxembourg S.A.14254.59 58.52 LU Luxembourg
Banque de Patrimoines Privés602.32 2.65 AD Andorra
Banque Degroof Petercam Luxembourg S.A.2742.18 30.48 BE Belgium
Banque et Caisse d’Epargne de l’Etat, Luxembourg48063.16 183.92 LU Luxembourg
Banque Hapoalim (Luxembourg) S.A.438.13 -3.52 IL Israel
Banque Havilland S.A.1217.88 3.57 LU Luxembourg
Banque Internationale à Luxembourg28100.39 113.07 LU Luxembourg
Banque J. Safra Sarasin (Luxembourg) SA0.00 0.00 CH Switzerland
Banque Puilaetco Dewaay Luxembourg S.A.159.77 2.80 BE Belgium
Banque Raiffeisen8911.98 17.37 LU Luxembourg
Banque Transatlantique Luxembourg S.A.569.17 1.03 FR France
Bemo Europe - Banque Privee0.00 0.00 LU Luxembourg
BGL BNP Paribas45547.40 148.60 FR France
BNP Paribas Wealth Management (Luxembourg)0.00 0.00 FR France
BPER Bank Luxembourg SA0.00 0.00 IT Italy
Brown Brothers Harriman (Luxembourg) S.C.A.98.70 43.88 US United States
CA Indosuez Wealth (Europe)8040.05 -16.31 FR France
CaixaBank Wealth Management Luxembourg S.A. ES Spain
Catella Bank S.A.68.73 9.45 LU Luxembourg
China Construction Bank (Europe) S.A.1309.85 -3.08 CN China
China Everbright Bank (Europe) S.A.35.05 -0.84 CN China
CIBC Capital Markets (Europe) S.A. CA Canada
Clearstream Banking S.A.15474.77 279.10 LU Luxembourg
Commerzbank Finance & Covered Bond S.A.9716.41 -16.31 DE Germany
Compagnie de Banque Privée Quilvest S.A., en abrégé CBP Quilvest S.A.0.00 0.00 LU Luxembourg
Crédit Suisse (Luxembourg) S.A.7897.92 32.99 CH Switzerland
Danske Bank International S.A.1663.42 32.26 DK Denmark
Delen Private Bank Luxembourg S.A.953.73 58.99 BE Belgium
Depfa Pfandbrief Bank International S.A.6.38 2.31 IE Ireland
Deutsche Bank Luxembourg S.A.30140.79 87.60 DE Germany
DNB Luxembourg S.A.2322.62 8.76 NO Norway
DZ PRIVATBANK S.A.18697.47 11.38 DE Germany
East West United Bank S.A.670.87 4.36 LU Luxembourg
Edmond de Rothschild (Europe)4841.21 15.12 CH Switzerland
EFG Bank (Luxembourg) S.A.2837.79 -3.77 LU Luxembourg
Eurobank Private Bank Luxembourg S.A.2158.84 13.44 GR Greece
European Depositary Bank S.A.1732.82 17.30 LU Luxembourg
Fideuram Bank (Luxembourg) S.A.2224.77 20.78 IT Italy
Fortuna Banque s.c.261.33 -1.57 LU Luxembourg
Freie Internationale Sparkasse S.A.39.73 0.06 DE Germany
HCOB Securities S.A.727.93 6.59 DE Germany
HSBC Private Bank (Luxembourg) S.A.7009.23 -0.68 GB United Kingdom
HSBC Securities Services (Luxembourg) S.A.0.00 0.00 GB United Kingdom
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A.5436.41 -27.75 CN China
ING Luxembourg17954.29 101.35 NL Netherlands
Intesa Sanpaolo Bank Luxembourg S.A.22224.97 94.08 IT Italy
J.P. Morgan Bank Luxembourg S.A.49488.18 298.31 US United States
John Deere Bank S.A.2558.17 35.59 LU Luxembourg
Keytrade Bank Luxembourg S.A.282.24 0.30 FR France
Lombard Odier (Europe) S.A.1676.63 -20.65 CH Switzerland
Mediobanca International (Luxembourg) S.A.7888.60 3.22 IT Italy
Mirabaud & Cie (Europe) S.A.551.07 0.46 CH Switzerland
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A.6117.77 44.37 JP Japan
Mizuho Trust & Banking (Luxembourg) SA1138.47 11.40 JP Japan
Natixis Wealth Management Luxembourg6331.03 4.92 FR France
Nomura Bank (Luxembourg) S.A.3978.46 16.92 JP Japan
NORD/LB Luxembourg S.A. Covered Bond Bank15561.60 18.55 DE Germany
Nordea Bank S.A.0.00 0.00 FI Finland
Northern Trust Global Services SE5240.14 60.31 US United States
Öhman Bank S.A.108.69 0.62 LU Luxembourg
PayPal (Europe) S.à r.l. et Cie, S.C.A.7441.25 125.68 LU Luxembourg
Pictet & Cie (Europe) S.A.9492.16 54.62 CH Switzerland
Quintet Private Bank (Europe) S.A8706.00 60.29 LU Luxembourg
Rakuten Europe Bank S.A.86.77 -0.11 LU Luxembourg
RBC Investor Services Bank S.A.17696.56 38.83 CA Canada
RBS International Depositary Services S.A13.30 0.14 GB United Kingdom
RiverBank S.A.81.71 -4.87 LU Luxembourg
SMBC Nikko Bank (Luxembourg) S.A.1026.35 11.28 JP Japan
Société Générale Capital Market Finance S.A.9488.34 0.12 FR France
Société Générale Financing and Distribution22.71 1.05 FR France
Société Générale Luxembourg45337.18 235.14 FR France
Société Nationale de Crédit et d'Investissement1509.62 28.25 LU Luxembourg
State Street Bank Luxembourg S.C.A.0.00 0.00 US United States
Sumitomo Mitsui Trust Bank (Luxembourg) S.A.955.97 1.77 JP Japan
Swissquote Bank Europe S.A449.49 2.17 CH Switzerland
UniCredit International Bank (Luxembourg) SA2736.69 8.76 IT Italy
UniCredit Luxembourg S.A.0.00 0.00 IT Italy
Union Bancaire Privée (Europe) S.A.1548.03 -0.07 CH Switzerland
VP Bank (Luxembourg) S.A.1802.46 0.81 LI Liechtenstein
 

All the data are for 2019. Total assets and net income are provided in million EUR.

Branches of Foreign Banks

There are also 43 branches of foreign banks from 15 countries operating in Luxembourg.

NameCountry of Origin
Agricultural Bank of China, Luxembourg BranchCN China
Alpha Bank A.E , Luxembourg BranchGR Greece
Banca March, S.A., Luxembourg BranchES Spain
Banco Safra S.A., Luxembourg branchBR Brazil
BANCO SANTANDER (BRASIL) S.A., LUXEMBOURG BRANCHES Spain
Bank of China (Luxembourg) S.A.CN China
Bank of China Limited, Pékin (République Populaire de Chine), Luxembourg BranchCN China
Bank of Communications Co., Limited Luxembourg BranchCN China
Banque de Commerce et de Placements S.A., Genève (Suisse), succursale de LuxembourgCH Switzerland
Barclays Bank Ireland plc, Luxembourg BranchGB United Kingdom
Bausparkasse Schwäbisch Hall AG, succursale de LuxembourgDE Germany
BHW Bausparkasse AG, Hameln (Allemagne), succursale de LuxembourgDE Germany
BNP Paribas Securities Services, Paris (France), succursale de LuxembourgFR France
BNP Paribas, Paris (France), succursale de LuxembourgFR France
CACEIS Bank, Luxembourg branchFR France
China Construction Bank Corporation, Luxembourg BranchCN China
China Everbright Bank Co. Ltd, Luxembourg BranchCN China
China Merchants Bank Co., Limited Luxembourg BranchCN China
Citco Bank Nederland NV, Luxembourg BranchNL Netherlands
Citibank Europe plc, Luxembourg BranchUS United States
Commerzbank AG, Filiale LuxemburgDE Germany
CREDIT SUISSE AG LUXEMBOURG BRANCHCH Switzerland
DekaBank Deutsche Girozentrale, succursale de LuxembourgDE Germany
Deutsche Bank AG, Frankfurt (Allemagne), succursale de LuxembourgDE Germany
Elavon Financial Services DAC Luxembourg BranchUS United States
Hamburg Commercial Bank AG Luxembourg BranchDE Germany
Hapoalim (Switzerland) Ltd, Luxembourg BranchIL Israel
Hauck & Aufhäuser Privatbankiers AG, Niederlassung LuxemburgDE Germany
HSBC Bank Plc., Luxembourg branchGB United Kingdom
HSBC France, Luxembourg BranchGB United Kingdom
Industrial and Commercial Bank of China Ltd., Pékin (République Populaire de Chine), Luxembourg BranchCN China
Joh. Berenberg, Gossler & Co. KG, Niederlassung LuxemburgDE Germany
Landesbank Baden-Württemberg Luxemburg BranchDE Germany
Novo Banco S.A., Succursale de LuxembourgPT Portugal
RCB BANK LTD, Luxembourg branchRU Russian Federation
Skandinaviska Enskilda Banken AB Luxembourg BranchSE Sweden
State Street Bank International GmbH, Zweigniederlassung LuxemburgUS United States
Svenska Handelsbanken AB (Publ), Stockholm (Suède), succursale de LuxembourgSE Sweden
The Bank of New York Mellon SA / NV, Luxembourg BranchUS United States
The Royal Bank of Scotland International Limited, Luxembourg BranchGB United Kingdom
UBS EUROPE SE, Luxembourg BranchCH Switzerland
UniCredit Bank AG Luxembourg BranchIT Italy
Wüstenrot Bausparkasse AG, Ludwigsburg (Allemagne), succursale de LuxembourgDE Germany
 

See Also