Market penetration of banks for Belgium and Luxembourg large corporations 2017-2023
Belgium has a relatively high number of bank branches
The total number of banks in Belgium decreased from 105 in 2010 to 81 in 2021. Many banking offices in Belgium, however, are managed by franchisees who are not directly on the payroll of the bank itself. In 2021, for example, there were over 2,620 bank branches in Flanders (the Dutch-speaking region of Belgium).
Banks in Luxembourg are mostly international
Luxembourg has a strong focus towards international finance. 22 of the roughly 128 banks in the country came from Germany, with 14 coming from China and an additional 14 originating from France. Due to the legal structures in the Grand Duchy, it was also possible to adopt Sharia-compliant banking. Between 2001 and 2020, Luxembourgish sukuk bond issuances (a financial certificate that complies with Islamic religious law) were worth around 280 million U.S. dollars.