THE BANK OF LONDON FORMALLY APPLIES FOR EU BANKING LICENCE,
ANNOUNCES €200M INVESTMENT AND 300 NEW JOBS IN LUXEMBOURG
THE BANK OF LONDON FORMALLY APPLIES FOR EUROPEAN UNION BANKING LICENCE AND ANNOUNCES €200M INVESTMENT AND 300 NEW JOBS IN LUXEMBOURG
LONDON, 12 JULY 2023 – The Bank of London today announces it has submitted its formal application for a European Union (EU) Banking Licence and commits to €200M investment and hiring 300 people in Luxembourg over the next five years.
The formal application has been jointly lodged with the European Central Bank and Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Formally establishing a base in the EU enables The Bank of London to support businesses in the world’s largest single market and trading bloc. The €200M investment in Luxembourg and across the wider EU will help power the bank’s EU growth and the creation of 300 new jobs including management, compliance, risk, product development and business control, technology and operations.
Commenting on The Bank of London’s choice of Luxembourg, Head of Luxembourg for Finance, Nicolas Mackel, said: “The choice by The Bank of London is an enrichment for Luxembourg's financial services ecosystem and testimony to its attractiveness for such a technology-based operator.”
Guy Hoffman, Chairman of The Bankers' Association in Luxembourg, said: “Luxembourg’s digital technology programme was specifically set up to help businesses and consumers and the potential for The Bank of London’s unique offering is enormous.”
The Bank of London, powered by its patented technologies, has a unique business model that actively protects its depositors’ funds by never lending, leveraging or investing these deposits. By choosing Luxembourg as its EU headquarters, there is an exciting opportunity to offer Luxembourg and the broader EU market a new global digital clearing ecosystem for financial institutions and corporate commercial clients.
Norbert Becker, Chairperson of the European Union region for The Bank of London, said: “This 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.”
Anthony Watson, Group Chief Executive & Founder of The Bank of London, said: “Luxembourg is the logical choice for us to build out our offering across the EU, and marks the latest step in our international growth strategy and follows the successful rollout of our banking solutions across the UK.”
The Bank of London boasts Luxembourg-based Mangrove Capital Partners as one of its key shareholders.
The Bank of London
+44(0) 7872 604889
About The Bank of London
The Bank of London is a principal clearing bank of the United Kingdom and the only mass-commercial sovereign-system reserve bank in the world. The bank prioritises the preservation of depositor’s money and market stability over credit risk or chasing high returns.
As a mass-commercial sovereign-system reserve bank, The Bank of London does not generate credit, liquidity, or investment risk. No depositors’ money is ever loaned, leveraged, or invested. All depositor’s money is held in full and unencumbered at the Central Bank (Bank of England). 100% of depositor’s money is liquid and available upon demand, in-full, en masse.
Who The Bank of London Serves
The bank provides business banking solutions for all company and organisation types across most industries, offering:
Agency, clearing, payment and settlement solutions for regulated and non-regulated domestic and international companies;
Commercial Banking, serving small and medium businesses as well as corporate, government and institutional clients with an array of account, custody, foreign exchange, transaction, and treasury solutions;
Embedded Banking (As-A-Service), enabling companies to fully embed regulated banking products into their own customer offerings, under their own brand and powered by the bank’s licence and platform.
The Bank of London, with headquarters in London and centres in New York, Belfast, Charlotte (North Carolina), and Luxembourg, is authorised by the Bank of England’s Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
For more information visit: thebankoflondon.com, or on Twitter and Instagram at: @thebankoflondon.