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Top Banks in Luxembourg

Luxembourg's leading financial institutions

Overview of Banks in Luxembourg

There are 147 banks in Luxembourg, of which more than 120 are branches and subsidiaries of foreign banks. The country’s financial sector is the largest contributor to the domestic economy. The combined assets of banks in Luxembourg are valued at over €910 billion (2019). It is also the world’s second-biggest investment fund center after the United States.

 

Top Banks in Luxembourg

 

In August 2019, Moody’s Investor Services gave Luxembourg a stable outlook. The stable outlook reflects Moody’s expectation that Luxembourg’s credit profile will remain resilient to risks associated with Brexit, ongoing changes in global and EU-wide tax regulations, and other challenges in the future.

Given the economy’s small size and elevated reliance on financial services, Moody’s places particular emphasis on the strength of Luxembourg’s government balance sheet and predictability and effectiveness of its fiscal policy, as these provide a buffer against potential economic or financial shocks.

 

For anyone considering a banking career in Luxembourg, this list of top banks in Luxembourg is a helpful guide on where to start. To learn more, see our list of financial institutions.

 

The Top Banks in Luxembourg are:

 

Deutsche Bank Luxembourg S.A.

German banking giant Deutsche Bank set up a subsidiary in Luxembourg in the summer of 1970, its first foreign subsidiary in the post-World War II era. Deutsche Bank Luxembourg was one of the first financial institutions that were established in the country.

The bank provides private wealth management services, international loans and agency services, corporate and investment banking services, and retail investment services.

Net Income: EUR 87.6 million (2019)

Total Assets: EUR 30.14 billion (2019)

 

Banque et Caisse d’Epargne de l’Etat (BCEE)

The Banque et Caisse d’Épargne de l’État (BCEE) is the largest national financial institution in Luxembourg. Known as Spuerkeess in Luxembourgish, it was founded in 1856 and is wholly owned by the state of Luxembourg.

The bank offers a wide array of commercial and corporate banking services, including asset management, project financing, and specialized private banking. It employs around 1,900 personnel.

Net Income: EUR 172 million (2020)

Total Assets: EUR 50.23 billion (2020)

 

Société Générale Bank & Trust

Societe Generale Luxembourg is the oldest of the foreign banks in Luxembourg founded in 1893. It was originally set up as a branch of Société Générale Alsacienne de Banque (SOGENAL).

The bank provides a wide variety of services, including wealth management, securities trading and management, and corporate financing services, both in the European Union and internationally. It also offers specialized private banking services. It employs around 1,789 employees.

Net Income: EUR 229.77 million (2020) 

Total Assets: EUR 56.05 billion (2020)

 

BGL BNP Paribas

Banque Générale du Luxembourg (BGL) was founded in 1919 as a regional bank. In 2009, BGL became a member of the BNP Paribas Group. The bank offers products and services related to retail banking, personal wealth management, and corporate and institutional investment banking and management. It employs around 1,948 individuals.

Net Income: EUR 398 million (2020) 

Total Assets: EUR 56.54 billion (2020)

 

UniCredit Luxembourg S.A.

UniCredit International Bank was one of the first foreign banks in Luxembourg. UniCredit Luxembourg is part of UniCredit Group, which was created from the merger of banking institutions from Italy, Germany, and Austria, in addition to acquisitions in Central and Eastern Europe.

Today, UniCredit Group operates several branches and subsidiaries across 50 countries. UniCredit Luxembourg provides wealth management and corporate banking products and services.

Net Income: EUR 6.4 million (2020) 

Total Assets: EUR 2.47 billion (2020)

 

Banque Internationale à Luxembourg (BIL)

Established in 1856, Banque Internationale à Luxembourg (BIL) is the country’s oldest private banking group. BIL offers retail, private, and corporate banking services. It operates through a network of 38 branches and employs around 1,985 employees.

Net Income: EUR 101.4 million (2020) 

Total Assets: EUR 30.55 (2020)

 

ING Luxembourg

In 1960, Credit Europeen was set up in Luxembourg as part of the ING Group. Over the next 40 years, it grew into one of the largest banks in Luxembourg. In 1987, NMB Bank (also of the ING Group) was founded.

After the merger of NMB Bank and Nationale Nederlanden, the combined entity became known as ING Bank Luxembourg. In 2003, Credit Europeen and ING Bank Luxembourg merged into ING Luxembourg. The bank provides retail, private banking, and corporate banking products and services.

Net Income: EUR 101.35 million (2020) 

Total Assets: EUR 17.95 billion (2020)

 

NORD/LB Luxembourg Covered Bond Bank

NORD/LB Luxembourg was first set up as Berenberg Bank International S.A. in Luxembourg in 1972. After NORD/LB Luxembourg’s merger with its subsidiary, NORD/LB Covered Finance Bank, in 2015, the merged bank started operating under the name NORD/LB Luxembourg Covered Bond Bank. The bank is a member of Norddeutsche Landesbank (Germany).

Net Income: EUR -8.8 million (2020) 

Total Assets: EUR 12.73 billion (2020)

 

Banque de Luxembourg S.A.

Banque de Luxembourg was established in Luxembourg in the 1920s. It is one of the country’s largest private banks and specializes in providing asset management services for individuals, families, and businesses. The bank was created following the merger between Credit Industreil d’Alsace et de Lorraine and Banque Mathieu Freres.

Net Income: EUR 64.1 million (2018)

Total Assets: EUR 15.29 billion (2020)

 

Careers in Investment Banking

To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map:

investment banking careers

For banking careers, you will have a significant edge over the competition with our financial modeling courses.

 

Additional Resources

This has been CFI’s guide to the top banks in Luxembourg. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources:

  • Top 10 Banks in Singapore
  • Top Banks in Australia
  • Investment Banking Interview Questions
  • Financial Modeling Guide

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