A new era of Corporate Lending

Corporate Banking Survey 2023

Corporate Banking Survey
  • Survey
  • February 23, 2024
After a first edition setting the scene of Corporate Banking in Luxembourg (see previous edition here), we decided to take it one step further and deep dive on the corporate landing world, to try to gain visibility for this often-ignored side of banking. We once again teamed up with ABBL, with the support of CSSF, to provide you with more insights of what we can consider as a hidden jewel, providing vital services to a diversified client base spanning local small and medium-sized enterprises, multinational corporations, and investment funds (UCITS and AIFs) to name a few.

Increase in revenues compared to 2021


Rise in revenue coming from the Fund’s industry


Of corporate lending in Luxembourg is focused on international markets

Revenues at record high

The results of this year’s survey show that the strong upward trend in revenues that was highlighted in the last edition has accelerated, reaching EUR 4.9bn, which represents a 24% surge from 2021.

Estimated Corporate Banking Revenues - 2020-2022 (EUR mn)

Estimated Corporate Banking Revenues

Source: ABBL Corporate Banking Survey Results

Thinking Globally and Acting Locally

Our survey showed that corporate lending in Luxembourg is mostly oriented towards the international market, with 75% of survey respondents saying they have at least some corporate lending activities outside Luxembourg. For 56% of them, at least 76% of their domestic lending operations are focused on the international market.

What percentage of your corporate banking lending activities are focused on the international market?

Sustainability and new technologies are expected to change the industry

Banks hold immense influence over their partners/clients and stand to be a catalyst for good in the fight over climate change, which is supported by the fact that 80% of our respondents say that they offer ESG financing in some form, which represents a 20% increase compared to the results of our previous survey. In addition, nearly one-third of respondents are helping to bring about the green transition by offering better conditions on sustainable products than non-ESG products to their clients and stakeholders.

Which type of ESG products or services do you currently offer to your corporate clients?

On the technology side, the Luxembourg banking ecosystem is currently developing rapidly, and the corporate banking segment is no exception. Top corporate banking players consider fintechs, health technologies and broader technological applications to be high-growth sectors, and even in other areas being targeted for expansion, such as infrastructure, there is a strong focus on digitalisation and technologically upgrading pre-existing assets30. Some banks have already implemented some technological processes into their lending operations and can already observe the benefits.

What benefits have been experienced so far as a result of implementing technological solutions within your corporate banking lending business?

Corporate Banking Survey 2023

A new era of Corporate Lending

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Contact us

Björn Ebert

Financial Services Leader, PwC Luxembourg

Tel: +352 49 48 48 2256

Julie Batsch

Audit Partner, Banking and Capital Markets Leader, PwC Luxembourg

Tel: +352 62133 24 67

Jörg Ackermann

Advisory Partner, Banking Consulting Leader, PwC Luxembourg

Tel: +352 49 48 48 4131

Dariush Yazdani

Partner, Global AWM Market Research Centre Leader, PwC Luxembourg

Tel: +352 49 48 48 2191

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