In 2022, BNP Paribas Fortis reached the highest corporate banking market penetration of banks coming from Belgium and Luxembourg. 91 percent of financial officers (including CFOs, treasurers and finance directors at companies and financial institutions with sales of more than 500 million euros) said they believed the Belgian daughter of BNP Paribas to be an important provider of corporate banking services. The bank’s total assets were valued at 335.1 billion euros in 2020.
Belgium has a relatively high number of bank branches
The total number of banks in Belgium decreased from 105 in 2010 to 82 in 2020. Many banking offices in Belgium, however, are managed by franchisees who are not directly on the payroll of the bank itself. In 2020, for example, there were over 2,800 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.
Leading banks for large corporations in Belgium and Luxembourg from 2017 to 2022, by market penetration rate
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Greenwich Associates. (February 23, 2022). Leading banks for large corporations in Belgium and Luxembourg from 2017 to 2022, by market penetration rate [Graph]. In Statista. Retrieved May 21, 2022, from https://www.statista.com/statistics/453970/penetration-banking-for-large-corporates-belgium-luxembourg/
Greenwich Associates. "Leading banks for large corporations in Belgium and Luxembourg from 2017 to 2022, by market penetration rate." Chart. February 23, 2022. Statista. Accessed May 21, 2022. https://www.statista.com/statistics/453970/penetration-banking-for-large-corporates-belgium-luxembourg/
Greenwich Associates. (2022). Leading banks for large corporations in Belgium and Luxembourg from 2017 to 2022, by market penetration rate. Statista. Statista Inc.. Accessed: May 21, 2022. https://www.statista.com/statistics/453970/penetration-banking-for-large-corporates-belgium-luxembourg/
Greenwich Associates. "Leading Banks for Large Corporations in Belgium and Luxembourg from 2017 to 2022, by Market Penetration Rate." Statista, Statista Inc., 23 Feb 2022, https://www.statista.com/statistics/453970/penetration-banking-for-large-corporates-belgium-luxembourg/
Greenwich Associates, Leading banks for large corporations in Belgium and Luxembourg from 2017 to 2022, by market penetration rate Statista, https://www.statista.com/statistics/453970/penetration-banking-for-large-corporates-belgium-luxembourg/ (last visited May 21, 2022)