Bank of America said on 10 May that it has opened a new branch in Luxembourg as part of its strategic plan to build funds in Europe.
The launch means the bank can support clients - corporate, commercial and NBFIs (non-bank financial institutions) - with setting up local bank accounts and provide in-country transaction banking products and services, it said in the statement.
"In particular, as Luxembourg is the second largest investment fund centre in the world, after the United States, the bank will deepen its global cash management services to these NBFIs."
Fernando Vicario, CEO of Bank of America Europe DAC said: "This announcement marks a significant milestone for businesses in the region. Many multi-national companies have chosen Luxembourg as a European hub for their activities and we are proud to support business opportunities and responsible growth in this important financial centre."
Matthew Davies, head of Global Transaction Services (GTS), EMEA and Global co-head of Corporate Sales, GTS said, "GTS has been operating in EMEA for over 90 years. The opening of the Luxembourg branch demonstrates our ongoing commitment to supporting clients in key countries where they have cash management requirements and providing strategic advice with building resilient enterprises."
Bank of America further said its "GTS business is the leading financial provider to over 75% of the Global Fortune 500 and in EMEA, our people, platform and investment have a common aim as the only global transaction bank that's focused solely on corporate and institutional clients".
GTS drives over 10% of the bank's firmwide revenue and around a third of deposits.
