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Number of banks in Luxembourg 1994-2020

How many banks are there in Luxembourg? The Grand Duchy had 126 authorized banks in the middle of 2020, the lowest number since 1994. The total number of bank employees, however, reached the highest number since 2008. Staff count reached approximately 26,000 people in 2018. 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, 25 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 2018, whilst the Banque de Luxembourg had only one.

Total number of banks in Luxembourg from 1994 to 2020

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Release date

June 2020



Survey time period

1994 to 2020

Supplementary notes

The figures have been taken from several publications. The source did not explain why 2019 was not present.

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Statistics on "Banking industry in the Benelux"

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