BoA announces new Luxembourg Branch

Bank of America has announced the opening of a new branch in Luxembourg, aimed at providing support to corporate, commercial and non-bank financial institutions (NBFIs). The branch will offer transaction banking products and services and assist clients in establishing local bank accounts. The bank will also deepen its global cash management services to NBFIs, as Luxembourg is the second-largest investment fund centre in the world, after the United States.

Fernando Vicario, CEO of Bank of America Europe DAC, called the announcement a significant milestone for businesses in the region. Many multinational companies have selected Luxembourg as a European hub for their activities, and Bank of America is proud to support business opportunities and responsible growth in this critical financial centre.

Matthew Davies, Head of Global Transaction Services (GTS), EMEA and Global co-head of Corporate Sales, GTS stated that the opening of the Luxembourg branch demonstrates the company’s ongoing commitment to supporting clients in key countries where they have cash management requirements and providing strategic advice to build resilient enterprises. GTS has been operating in EMEA for over 90 years.

Bank of America’s GTS business is the leading financial provider to over 75% of the Global Fortune 500. In EMEA, their people, platform and investment have a common aim as the only global transaction bank focused solely on corporate and institutional clients. GTS drives over 10% of the bank’s firmwide revenue and around a third of deposits. The bank was recognized as the World’s Best Bank for Payments and Treasury by Euromoney for the 2nd consecutive year in 2022. Clients access a suite of treasury services on a single platform that’s globally connected and locally relevant. Bank of America makes it easier for organizations to transact worldwide.