Our annual report takes an analytical view at this diversified banking landscape, aiming to identify the major trends within the Luxembourg and European banking industry and analysing the factors that make Luxembourg unique in Europe.
New this year! To capture the major trends within the Luxembourg banking industry, we’ve gathered the opinions of the main representatives of banks located in Luxembourg. The result is a survey on the state of the current and future banking business until 2021. It illustrates the priorities for Luxembourg bankers in the short term and the trends that will impact their business the most in the coming 3 years.
Our survey covers the 5 following dimensions:
The development of the banking sector in Luxembourg
Current and future trends
One of the most relevant takeaways of the survey is linked to the human element.
Because of fierce competition for talent, Luxembourg banks are expanding their geographical focus for skills search.
Moreover, respondents report that specific skills shortage is influencing their organisation’s growth prospects. Factors such as quality standards and/or customer experience are impacted, for instance, because the time to market of certain products increases. In addition to this, banks reported surging people costs and an impact on the organisation’s capacity to innovate.
Luxembourg is a major financial centre, located strategically in the heart of Europe.
It comes as no surprise that the country has strong links not just with its neighbouring countries - France, Belgium and Germany - but also with the rest of Europe and far beyond.
How Luxembourg differs from other financial centres and what are its unique advantages within Europe? Know more by reading our publication.
With 135 authorised banks at year-end 2018, the number of banks has slightly decreased by four.
132 of the 135 authorised banks have a universal banking licence, whereas three banks (all of them belonging to the German segment) solely have a mortgage-bond banking licence.
89 banks are under Luxembourg law, 32 are branches of banks from EU Member States or a country considered on equal terms and 14 are branches of banks from non-EU Member States.
Banking Industry Leader, PwC Luxembourg
Tel: +352 49 48 48 2451
Markets and Strategy Financial Services Leader, PwC Luxembourg
Tel: +352 49 48 48 4174