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 135 operating in Luxembourg there are 19 domestic banks, 71 subsidiaries of foreign banks, and 45 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 135 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 DE Germany wealth management
2   BCEE 43,445 LU Luxembourg universal banking
3   Societe Generale 42,188 FR France private banking, security services
4   BGL BNP Paribas 33,933 FR France universal banking
5   BIL 23,149 LU Luxembourg universal banking
6   UniCredit 20,272 IT Italy wealth management, corporate banking
7   Intesa Sanpaolo 17,996 IT 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 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 19 domestic banks and 71 foreign-controlled banks from 21 countries.

NameTotal AssetsAnnual ProfitCountry of Origin
Advanzia Bank S.A.1234.00 40.00 LU Luxembourg
Agricultural Bank of China (Luxembourg) S.A.0.00 0.00 CN China
Allfunds Bank International, S.A.0.00 0.00 ES Spain
Andbank Luxembourg0.00 0.00 AD Andorra
Banco Bradesco Europa S.A.3220.00 26.00 BR Brazil
Bank GPB International S.A.831.00 0.00 RU Russian Federation
Bank Julius Baer Europe S.A.0.00 0.00 CH Switzerland
Bank of Communications (Luxembourg) S.A.0.00 0.00 CN China
Banking Circle S.A. DK Denmark
Bankinter Luxembourg S.A.0.00 0.00 ES Spain
Banque BCP S.A.593.00 0.00 FR France
Banque de Luxembourg S.A.13415.00 63.00 LU Luxembourg
Banque de Patrimoines Privés475.00 6.00 AD Andorra
Banque Degroof Petercam Luxembourg S.A.2671.00 61.00 BE Belgium
Banque et Caisse d’Epargne de l’Etat, Luxembourg43445.00 240.00 LU Luxembourg
Banque Hapoalim (Luxembourg) S.A.390.00 -3.00 IL Israel
Banque Havilland S.A.0.00 0.00 LU Luxembourg
Banque Internationale à Luxembourg23149.00 110.00 LU Luxembourg
Banque J. Safra Sarasin (Luxembourg) SA0.00 0.00 CH Switzerland
Banque Puilaetco Dewaay Luxembourg S.A.162.00 1.00 BE Belgium
Banque Raiffeisen7501.00 17.00 LU Luxembourg
Banque Transatlantique Luxembourg S.A.0.00 0.00 FR France
Bemo Europe - Banque Privee0.00 0.00 LU Luxembourg
BGL BNP Paribas33933.00 185.00 FR France
BNP Paribas Wealth Management (Luxembourg)3088.00 -4.00 FR France
BPER Bank Luxembourg SA1110.00 1.00 IT Italy
Brown Brothers Harriman (Luxembourg) S.C.A.97.00 48.00 US United States
CA Indosuez Wealth (Europe)0.00 0.00 FR France
Catella Bank S.A.0.00 0.00 LU Luxembourg
China Construction Bank (Europe) S.A.810.00 -10.00 CN China
China Everbright Bank (Europe) S.A. CN China
Clearstream Banking S.A.14685.00 172.00 LU Luxembourg
Commerzbank Finance & Covered Bond S.A.17599.00 59.00 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.7162.00 -8.00 CH Switzerland
Danske Bank International S.A.1459.00 9.00 DK Denmark
DekaBank Deutsche Girozentrale Luxembourg S.A.4922.00 78.00 DE Germany
Delen Private Bank Luxembourg S.A.510.00 42.00 BE Belgium
Depfa Pfandbrief Bank International S.A.721.00 23.00 DE Germany
Deutsche Bank Luxembourg S.A.51787.00 1067.00 DE Germany
DNB Luxembourg S.A.3397.00 10.00 NO Norway
DZ PRIVATBANK S.A.15914.00 11.00 DE Germany
East West United Bank S.A.0.00 0.00 LU Luxembourg
Edmond de Rothschild (Europe)5423.00 14.00 CH Switzerland
EFG Bank (Luxembourg) S.A.1228.00 -2.00 CH Switzerland
Eurobank Private Bank Luxembourg S.A.2680.00 12.00 GR Greece
European Depositary Bank S.A.1287.00 4.00 LU Luxembourg
Fideuram Bank (Luxembourg) S.A.2495.00 23.00 IT Italy
Fortuna Banque s.c.245.00 0.00 LU Luxembourg
Freie Internationale Sparkasse S.A.0.00 0.00 DE Germany
HCOB Securities S.A.909.00 2.00 DE Germany
HSBC Private Bank (Luxembourg) S.A.9243.00 0.00 GB United Kingdom
HSBC Securities Services (Luxembourg) S.A.0.00 0.00 GB United Kingdom
HSBC Trinkaus & Burkhardt (International) S.A.0.00 0.00 GB United Kingdom
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A.0.00 0.00 CN China
ING Luxembourg15188.00 101.00 NL Netherlands
Internaxx Bank S.A.450.00 -4.00 LU Luxembourg
Intesa Sanpaolo Bank Luxembourg S.A.17996.00 122.00 IT Italy
J.P. Morgan Bank Luxembourg S.A.12868.00 63.00 US United States
John Deere Bank S.A.1840.00 32.00 LU Luxembourg
Keytrade Bank Luxembourg S.A.0.00 0.00 FR France
Lombard Odier (Europe) S.A.0.00 0.00 CH Switzerland
Mediobanca International (Luxembourg) S.A.6282.00 19.00 IT Italy
Mirabaud & Cie (Europe) S.A.0.00 0.00 CH Switzerland
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A.4779.00 21.00 JP Japan
Mizuho Trust & Banking (Luxembourg) SA1011.00 -2.00 JP Japan
Natixis Wealth Management Luxembourg3498.00 5.00 FR France
Nomura Bank (Luxembourg) S.A.4113.00 32.00 JP Japan
NORD/LB Luxembourg S.A. Covered Bond Bank15936.00 31.00 DE Germany
Nordea Bank S.A.5606.00 159.00 FI Finland
Northern Trust Global Services SE US United States
Öhman Bank S.A.99.00 0.00 LU Luxembourg
PayPal (Europe) S.à r.l. et Cie, S.C.A.0.00 0.00 US United States
Pictet & Cie (Europe) S.A.8650.00 82.00 CH Switzerland
Quintet Private Bank (Europe) S.A8952.00 29.00 CH Switzerland
Rakuten Europe Bank S.A.20.00 -7.00 JP Japan
RBC Investor Services Bank S.A.0.00 0.00 CA Canada
RBS International Depositary Services S.A GB United Kingdom
RiverBank S.A.0.00 0.00 LU Luxembourg
SMBC Nikko Bank (Luxembourg) S.A.646.00 2.00 LU Luxembourg
Société Générale Capital Market Finance S.A.0.00 0.00 FR France
Société Générale Financing and Distribution24.00 2.00 FR France
Société Générale Luxembourg42188.00 310.00 FR France
Société Nationale de Crédit et d'Investissement0.00 0.00 LU Luxembourg
State Street Bank Luxembourg S.C.A.711.00 114.00 US United States
Sumitomo Mitsui Trust Bank (Luxembourg) S.A.303.00 1.00 JP Japan
UniCredit International Bank (Luxembourg) SA3649.00 4.00 IT Italy
UniCredit Luxembourg S.A.20272.00 36.00 IT Italy
Union Bancaire Privée (Europe) S.A.672.00 18.00 CH Switzerland
VP Bank (Luxembourg) S.A.1268.00 6.00 LI Liechtenstein
 

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

Branches of Foreign Banks

There are also 45 branches of foreign banks from 15 countries operating in Luxembourg.

NameCountry of Origin
Agricultural Bank of China, Luxembourg BranchCN China
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
Bayerische Landesbank, Niederlassung LuxemburgDE 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
Caixa Geral de Depósitos SA, Lisboa (Portugal), succursale de LuxembourgPT Portugal
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 BranchIE Ireland
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
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
IKB Deutsche Industriebank AG, Filiale LuxemburgDE Germany
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
Postbank Luxemburg - eine Niederlassung der DB Privat- und Firmenkundenbank AGDE Germany
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