The Bank of London is investing €200 million to set up a new base in Luxembourg. The bank has formally applied for its EU banking license and is set to hire 300 people in the new office over the next five years.
Bank of London founder and Group CEO Anthony Watson said that Luxembourg was the “logical choice” for the bank’s expansion into the EU. He said that the country was perfectly positioned to play a key role in driving the bank’s European business forward.
The Bank of London’s chair of the EU region, Norbert Becker, said that the new office would cater to the broader European market for both financial institutions and corporate commercial clients.
Earlier this year, the bank extended its Series C by $40 million to reach $160 million. The bank has also been linked with a potential acquisition of Silicon Valley Bank, which was ultimately acquired by HSBC.
The Bank of London’s expansion into Luxembourg is a sign of the bank’s growing ambition. The bank is now well-positioned to become a leading player in the European financial services market.
In a statement, Watson said that Luxembourg is the logical choice for us to build out our offering across the EU, and marks the latest step in their international growth strategy and follows the successful rollout of our banking solutions across the UK.
Becker added, itis is a major milestone for our business and follows the foundation established in the UK. Luxembourg is perfectly positioned to play a key role in driving the bank’s European business forward, and ensuring Luxembourg is the centre of clearing for the EU.
The new office will be located in Luxembourg City and will be responsible for the bank’s European operations. The bank expects to start hiring in the next few months.
The Bank of London’s expansion into Luxembourg is a significant development for the European financial services market. The bank is well-funded and ambitious, and its expansion into Luxembourg is a sign that it is serious about becoming a major player in the market.
