Number of banks in Luxembourg 1994-2020
How many banks are there in Luxembourg? The Grand Duchy had 128 authorized banks in 2020, the second lowest number since 1994. The total number of bank employees, however, reached the highest number since 2008. Staff count reached approximately 26,400 people in 2019. This is because banks in Luxembourg serve two markets: their home market as well as the international market.
Banking sector in Luxembourg has an international character
Of all banks located in the Grand Duchy of Luxembourg, only seven are from the country itself. When looking at the number of banks per country of origin, 22 of all banks come from Germany with other banking institutions coming from, for example, China, France and Switzerland. Chinese banks such as China Everbright, established branches in Luxembourg to gain access to the EU internal market, whilst European banks mostly focused on specific business areas like private banking and investment funds. An article with facts and figures covering the financial sector in Luxembourg can be found here.
BCEE has the most bank branches in Luxembourg
Because of Luxembourg’s status as an international center for banking, it is difficult to determine precisely what the home market looks like. The number of domestic bank branches, physical bank offices that clients can visit, varies per bank. The Banque et Caisse d’Epargne de l’Etat (BCEE) claimed to have 64 in early 2019, whilst the Banque de Luxembourg had only one.
Banking sector in Luxembourg has an international character
Of all banks located in the Grand Duchy of Luxembourg, only seven are from the country itself. When looking at the number of banks per country of origin, 22 of all banks come from Germany with other banking institutions coming from, for example, China, France and Switzerland. Chinese banks such as China Everbright, established branches in Luxembourg to gain access to the EU internal market, whilst European banks mostly focused on specific business areas like private banking and investment funds. An article with facts and figures covering the financial sector in Luxembourg can be found here.
BCEE has the most bank branches in Luxembourg
Because of Luxembourg’s status as an international center for banking, it is difficult to determine precisely what the home market looks like. The number of domestic bank branches, physical bank offices that clients can visit, varies per bank. The Banque et Caisse d’Epargne de l’Etat (BCEE) claimed to have 64 in early 2019, whilst the Banque de Luxembourg had only one.
