Banks in Luxembourg

6 April 2016, updated 20 September 2017

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 15.60 times exceeding GDP. Favorable legislation and taxation, stable social and economic environment make Luxembourg an attractive destination for foreign financial institutions: out of 142 operating in Luxembourg there are 18 domestic banks, 77 subsidiaries of foreign banks, and 47 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 142 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   Deutsche Bank 51,787  Germany wealth management
2   BCEE 43,445  Luxembourg universal banking
3   Societe Generale 42,188  France private banking, security services
4   BGL BNP Paribas 33,933  France universal banking
5   BIL 23,149  Luxembourg universal banking
6   UniCredit 20,272  Italy wealth management, corporate banking
7   Intesa Sanpaolo 17,996  Italy wealth management, corporate banking

During 2011-2016, total assets of each of the 5 largest banks (Deutsche Bank, BCEE, Societe Generale, BGL BNP Paribas,BIL) haven't had significant changes, except for Deutsche Bank whose assets declined almost two times during the period. In 2016 Deutsche Bank has achieved significant increase in net income, resulting in high return on assets.

Total Assets of Major Banks in LuxembourgAnnual Profit of Major Banks in LuxembourgReturn on Assets of Major Banks in Luxembourg

Domestic and Foreign-Controlled Banks

In Luxembourg there are 18 domestic banks and 77 foreign-controlled banks from 22 countries.

NameTotal AssetsAnnual ProfitCountry of Origin
 ABLV Bank Luxembourg S.A.183.00 1.00  Latvia
 Advanzia Bank S.A.1234.00 40.00  Luxembourg
 Agricultural Bank of China (Luxembourg) S.A. (new)0.00 0.00  China
 Allfunds Bank International S.A. (new)  Spain
 Andbank Luxembourg0.00 0.00  Andorra
 Banca Popolare dell'Emilia Romagna (Europe) International S.A.1110.00 1.00  Italy
 Banco Bradesco Europa S.A.3220.00 26.00  Brazil
 Banco BTG Pactual Luxembourg S.A. (new)0.00 0.00  Brazil
 Bank GPB International S.A. (new)831.00 0.00  Russian Federation
 Bank Julius Baer Europe S.A.0.00 0.00  Switzerland
 Bank of China (Luxembourg) S.A.3452.00 5.00  China
 Bank of Communications (Luxembourg) S.A. (new)  China
 Bankinter Luxembourg S.A.0.00 0.00  Spain
 Banque BCP S.A.593.00 0.00  France
 Banque Carnegie Luxembourg S.A.386.00 4.00  Sweden
 Banque de Luxembourg S.A.13415.00 63.00  Luxembourg
 Banque de Patrimoines Privés475.00 6.00  Andorra
 Banque Degroof Petercam Luxembourg S.A.2671.00 61.00  Belgium
 Banque et Caisse d’Epargne de l’Etat, Luxembourg43445.00 240.00  Luxembourg
 Banque Hapoalim (Luxembourg) S.A.390.00 -3.00  Israel
 Banque Havilland S.A.0.00 0.00  Luxembourg
 Banque Internationale à Luxembourg23149.00 110.00  Luxembourg
 Banque J. Safra Sarasin (Luxembourg) SA0.00 0.00  Switzerland
 Banque Puilaetco Dewaay Luxembourg S.A.162.00 1.00  Belgium
 Banque Raiffeisen7501.00 17.00  Luxembourg
 Banque Transatlantique Luxembourg S.A.0.00 0.00  France
 BEMO EUROPE - BANQUE PRIVEE0.00 0.00  Luxembourg
 BGL BNP Paribas33933.00 185.00  France
 BNP Paribas Wealth Management (Luxembourg)3088.00 -4.00  France
 Brown Brothers Harriman (Luxembourg) S.C.A.97.00 48.00  United States
 CA Indosuez Wealth (Europe)0.00 0.00  France
 CATELLA BANK S.A.0.00 0.00  Luxembourg
 China Construction Bank (Europe) S.A. (new)810.00 -10.00  China
 China Everbright Bank (Europe) S.A. (new)  China
 Clearstream Banking S.A.14685.00 172.00  Luxembourg
 Commerzbank Finance & Covered Bond S.A.17599.00 59.00  Germany
 Compagnie de Banque Privée Quilvest S.A., en abrégé CBP Quilvest S.A.0.00 0.00  Luxembourg
 Credem International (Lux)421.00 20.00  Italy
 Crédit Suisse (Luxembourg) S.A.7162.00 -8.00  Switzerland
 Danske Bank International S.A.1459.00 9.00  Denmark
 DekaBank Deutsche Girozentrale Luxembourg S.A.4922.00 78.00  Germany
 Delen Private Bank Luxembourg S.A.510.00 42.00  Belgium
 DEPFA Pfandbrief Bank International S.A.721.00 23.00  Germany
 Deutsche Bank Luxembourg S.A.51787.00 1067.00  Germany
 DNB Luxembourg S.A.3397.00 10.00  Norway
 DZ PRIVATBANK S.A.15914.00 11.00  Germany
 East West United Bank S.A.0.00 0.00  Luxembourg
 Edmond de Rothschild (Europe)5423.00 14.00  Switzerland
 EFG Bank (Luxembourg) S.A.1228.00 -2.00  Switzerland
 Eurobank Private Bank Luxembourg S.A.2680.00 12.00  Greece
 Fideuram Bank (Luxembourg) S.A.2495.00 23.00  Italy
 Fortuna Banque s.c.245.00 0.00  Luxembourg
 Freie Internationale Sparkasse S.A.0.00 0.00  Germany
 Hauck & Aufhäuser Fund Platforms S.A.752.00 -18.00  Germany
 HSBC Private Bank (Luxembourg) S.A.9243.00 0.00  United Kingdom
 HSBC Securities Services (Luxembourg) S.A.0.00 0.00  United Kingdom
 HSBC Trinkaus & Burkhardt (International) S.A.0.00 0.00  United Kingdom
 HSH Nordbank Securities S.A.909.00 2.00  Germany
 Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A.0.00 0.00  China
 ING Luxembourg15188.00 101.00  Netherlands
 Internaxx Bank S.A.450.00 -4.00  Luxembourg
 Intesa Sanpaolo Bank Luxembourg S.A.17996.00 122.00  Italy
 J.P. Morgan Bank Luxembourg S.A.12868.00 63.00  United States
 John Deere Bank S.A.1840.00 32.00  Luxembourg
 KBL European Private Bankers S.A.8952.00 29.00  Switzerland
 Keytrade Bank Luxembourg S.A.0.00 0.00  France
 Lombard Odier (Europe) S.A.0.00 0.00  Switzerland
 M.M. Warburg & CO Luxembourg S.A.1287.00 4.00  Germany
 MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A.6282.00 19.00  Italy
 Mirabaud & Cie (Europe) S.A. (new)0.00 0.00  Switzerland
 Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A.4779.00 21.00  Japan
 Mizuho Trust & Banking (Luxembourg) SA1011.00 -2.00  Japan
 Natixis Bank3498.00 5.00  France
 Nomura Bank (Luxembourg) S.A.4113.00 32.00  Japan
 NORD/LB Luxembourg S.A. Covered Bond Bank15936.00 31.00  Germany
 Nordea Bank S.A.5606.00 159.00  Sweden
Öhman Bank S.A.99.00 0.00  Luxembourg
 PayPal (Europe) S.à r.l. et Cie, S.C.A.0.00 0.00  United States
 Pictet & Cie (Europe) S.A.8650.00 82.00  Switzerland
 Rakuten Europe Bank S.A. (new)20.00 -7.00  Japan
 RBC Investor Services Bank S.A.0.00 0.00  Canada
 RiverBank S.A. (new)  Luxembourg
 Skandinaviska Enskilda Banken S.A.8005.00 15.00  Sweden
 SMBC Nikko Bank (Luxembourg) S.A.646.00 2.00  Luxembourg
 Societe Generale Bank & Trust S.A.42188.00 310.00  France
 Société Générale Capital Market Finance S.A. (new)0.00 0.00  France
 Société Générale Financing and Distribution24.00 2.00  France
 Société Générale LDG0.00 0.00  France
 Société Nationale de Crédit et d'Investissement0.00 0.00  Luxembourg
 State Street Bank Luxembourg S.C.A.711.00 114.00  United States
 Sumitomo Mitsui Trust Bank (Luxembourg) S.A.303.00 1.00  Japan
 UniCredit International Bank (Luxembourg) SA3649.00 4.00  Italy
 UniCredit Luxembourg S.A.20272.00 36.00  Italy
 Union Bancaire Privée (Europe) S.A.672.00 18.00  Switzerland
 VP Bank (Luxembourg) SA1268.00 6.00  Liechtenstein
 

All the data are for 2016. Total assets and net income are provided in million EUR.

Branches of Foreign Banks

There are also 47 branches of foreign banks from 15 countries operating in Luxembourg.

NameCountry of Origin
 Agricultural Bank of China, Luxembourg Branch (new) China
 Banca March, S.A., Luxembourg Branch Spain
 Banco BTG Pactual, Luxembourg Branch (new) Brazil
 Banco Safra S.A., Luxembourg branch (new) Brazil
 BANCO SANTANDER (BRASIL) S.A., LUXEMBOURG BRANCH (new) Spain
 Bank of China Limited, Pékin (République Populaire de Chine), Luxembourg Branch China
 Bank of Communications Co., Limited Luxembourg Branch (new) China
 Banque de Commerce et de Placements S.A., Genève (Suisse), succursale de Luxembourg Switzerland
 Banque Hapoalim (Suisse) S.A., Zurich (Suisse), succursale de Luxembourg Israel
 Bausparkasse Schwäbisch Hall AG, succursale de Luxembourg Germany
 Bayerische Landesbank, Niederlassung Luxemburg Germany
 BHW Bausparkasse AG, Hameln (Allemagne), succursale de Luxembourg Germany
 BNP Paribas Securities Services, succursale de Luxembourg France
 BNP Paribas, succursale de Luxembourg France
 CACEIS Bank, Luxembourg branch France
 Caixa Geral de Depósitos SA, Lisboa (Portugal), succursale de Luxembourg Portugal
 China Construction Bank Corporation, Luxembourg Branch (new) China
 China Everbright Bank Co. Ltd, Luxembourg Branch (new) China
 China Merchants Bank Co., Limited Luxembourg Branch (new) China
 Citco Bank Nederland NV, Luxembourg Branch Netherlands
 Citibank Europe plc, Luxembourg Branch Ireland
 Commerzbank AG, Filiale Luxemburg Germany
 Crédit Agricole Corporate and Investment Bank Luxembourg Branch France
 CREDIT SUISSE AG LUXEMBOURG BRANCH Switzerland
 DekaBank Deutsche Girozentrale, succursale de Luxembourg Germany
 Deutsche Bank AG, Frankfurt (Allemagne), succursale de Luxembourg Germany
 Hauck & Aufhäuser Privatbankiers AG, Niederlassung Luxemburg Germany
 HSBC Bank Plc., Luxembourg branch United Kingdom
 HSH Nordbank AG, Kiel (Allemagne), succursale de Luxembourg Germany
 IKB Deutsche Industriebank AG, Filiale Luxemburg Germany
 Industrial and Commercial Bank of China Ltd., Pékin (République Populaire de Chine), Luxembourg Branch China
 Joh. Berenberg, Gossler & Co. KG, Niederlassung Luxemburg Germany
 Landesbank Baden-Württemberg Luxemburg Branch Germany
 Natwest Markets plc, Luxembourg Branch United Kingdom
 Northern Trust Global Services Ltd, Luxembourg Branch United States
 Novo Banco S.A., Succursale de Luxembourg (new) Portugal
 Postbank Luxemburg - eine Niederlassung der DB Privat- und Firmenkundenbank AG (new) Germany
 RCB BANK LTD, Luxembourg branch (new) Russian Federation
 State Street Bank International GmbH, Zweigniederlassung Luxemburg United States
 Svenska Handelsbanken AB (Publ), Stockholm (Suède), succursale de Luxembourg Sweden
 Swedbank AB (publ) Luxembourg Branch Sweden
 The Bank of New York Mellon (International) Ltd., Luxembourg Branch United States
 The Bank of New York Mellon SA / NV, Luxembourg Branch United States
 The Royal Bank of Scotland International Limited, Luxembourg Branch (new) United Kingdom
 UBS EUROPE SE, Luxembourg Branch (new) Switzerland
 UniCredit Bank AG Luxembourg Branch (new) Italy
 Wüstenrot Bausparkasse AG, Ludwigsburg (Allemagne), succursale de Luxembourg Germany
 

See Also