The Bank of London is investing €200m into setting up a new base in Luxembourg having formally applied for its EU banking licence.
In brief:
-The bank is also going to build up a staff of 300 people over the next five years. These will include management, compliance, risk, product development, technology and operations.
-Choosing Luxembourg as its EU headquarters, the Bank of London will be positioned to cater to the broader European market for both financial institutions and corporate commercial clients.
- Earlier this year the bank extended its Series C by $40m to reach $160m
What does this mean?
“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,” Bank of London founder and Group CEO Anthony Watson said.
