A press release issued by the company states that the branch will focus on providing corporate clients and financial institutions with various services, including cash management, debt, foreign exchange and trade finance facilities. They will have sector specialists available to work with Luxembourg’s private equity, insurance, and fintech industries.
The move also sees their digital corporate banking platform extended to the Luxembourg market, following roll-outs in Portugal, France, Spain, Ireland, Germany, and the Netherlands.
Barclays has had a presence in Luxembourg for over a decade, undertaking treasury activities such as raising financing, collateral management and funding the bank’s operations. The bank also engages in investment banking activities, which include equities business in Luxembourg. The opening of the regulated branch will allow Barclays to deliver transaction banking services locally for its clients.
David Farrow, Head of International Corporate Banking at Barclays, said: “Our new branch in Luxembourg and expanded digital platform will help us do more for clients who have complex transaction banking needs. The platform is now live in seven countries, with more to follow, making account management for our multinational clients so much simpler.
“Luxembourg is home to a well-established private equity community, as well as being an important insurance centre, emerging fintech hub and a location of choice for multinational corporates. In our International Corporate Banking unit, we’ve got specialists who understand each of these sectors. By drawing on the experience and knowledge of our client management and product experts, coupled with our increased investment in technology, we’re striving to make a real difference for businesses in Luxembourg and across Western Europe.”
