The number of banks in the Square has stabilized

For the reason that starting of 2020, 5 new banks have arrange within the Place (China Retailers Financial institution, Goldman Sachs, Elavon monetary providers, CIBC capital markets and Caixabank wealth administration) when 4 ceased their actions (Berenberg, Bausparkasse Schwabisch Corridor, Hapoalim and Caixa Geral de Depositos), evaluation on Tuesday by Statec.

There have been additionally some actions: DeKabank Deutsche Girozentrale transferred its actions to its department whereas Postbank Luxembourg merged with Deutsche Financial institution AG. The Luxembourg subsidiary of Fideuram – Intesa Sanpaolo Non-public Banking has additionally simply introduced the acquisition of the Luxembourg personal financial institution CBP Quilvest.

Workforce on the rise

Thus, on the finish of August 2021, the Monetary Middle had 126 lively banks (together with 9 Luxembourgish, 21 German, 15 Chinese language and 14 French) in opposition to 128 a 12 months earlier, notes Statec, which depends on figures from the BCL. A sure stabilization that contrasts with “the sharp decline observed from 2017 to 2019”, notes the statistics institute. On January 1, 2017, the Place nonetheless had 142 lively banks in comparison with 127 on January 1, 2019, a lower of 12% in two years.

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Fewer banks however bigger employees: 26,293 individuals labored on the Place on the finish of June in opposition to 26,145 within the 1st quarter, or 148 extra (+ 0.6%) whereas employment within the sector had fallen by 1.2 % in 2020. Nonetheless, removed from the very best numbers ever recorded available on the market: 27,269 in September 2008.

As well as, stability sheets grew by 7% over one 12 months in July (+ 5% in 2020) and interbank loans and loans to households grew by 14 and 11% over one 12 months respectively.

(mc / The important)

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