Compared to a subsidiary, a branch office is more closely linked to the parent company.
Bank of America’s clients in Luxembourg, which primarily consist of investment funds, will be able to open accounts and take advantage of the bank’s services. In their statement issued on Wednesday, Bank of America executives praised Luxembourg as a country with “many opportunities,” as many international companies are based in the Grand Duchy.
The Reuters news agency reports that Benoit Nebouet, who has been with BNP Paribas for 25 years, has been appointed as the branch manager. In addition, the bank will hire an anti-money laundering specialist, as well as several employees in other functions.
