In-country transaction banking operations launched in key financial hub
LONDON, May 10, 2023 /PRNewswire/ — Bank of America today announced that it has opened a new branch in Luxembourg, further strengthening its capabilities and the value it offers to clients in core markets.
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. In particular, as Luxembourg is the second largest investment fund centre in the world1, 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’s 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. Recognized as the World’s Best Bank for Payments and Treasury by Euromoney for the 2nd consecutive year in 2022, our clients access a suite of treasury services on a single platform that’s globally connected and locally relevant – we make it easier for organizations to transact worldwide.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters may contact:
Megan Pearson, Bank of America
Phone: +44 (0)20 7995 6977
megan.n.pearson@bofa.com
Footnotes
SOURCE Bank of America Corporation
