Banking in Luxembourg
Luxembourg, a small country situated in the heart of Europe, has a population of approximately 525,000 people and is a member of the European Union. The Grand Duchy of Luxembourg has been a major centre for International Private Banking since the 1980's. There are now just over 140 all-purpose banks registered in Luxembourg, employing about 8% of the working population.
The success of Luxembourg as a banking centre is attributable to its political stability, geographic location, professional and multi-lingual staff. The positive and proactive attitude of all the major political parties in Luxembourg to the banking sector should ensure and safeguard Luxembourg's continued presence in the arena of International Banking.
Luxembourg offers a number of distinctive advantages to the Private Banking customer, which include the following:
- Stable and sound national environment
- Strict Banking Secrecy enshrined in the country's national laws
- Strong supervisory control exercised by the CSSF ("Commission de Surveillance du Secteur Financier")
- Large number of banks offering competitive terms and conditions
- Very broad range of services offered
- Competitive fiscal environment
- EURO and multi-currency environments
The Luxembourg Bankers’ Association, ABBL (Association des Banques et Banquiers Luxembourg) is the professional organisation representing the majority of banks and other financial intermediaries established in Luxembourg.