As part of Barclays’ efforts to build its European corporate banking proposition, the bank has launched a branch in Luxembourg to provide multinational clients with transaction banking services. The branch will focus on offering corporates and financial institutions a range of banking products, including cash management, debt, foreign exchange and trade finance facilities.
The branch opening is complemented by the expansion of Barclays’ digital Corporate Banking platform to Luxembourg. The platform, which has also been rolled out in Portugal, France, Spain, Ireland, Germany, and most recently the Netherlands, is designed to help multinational corporates manage their banking needs more efficiently through a single cross-border system. The benefits of the digital platform include streamlined KYC and account opening, digital on-boarding, improved self-help capabilities and multilingual servicing.
The branch will be led by Snorre Tysland and will operate as part of Barclays Europe, which now consists of seven branches around the continent. Barclays has been present in Luxembourg for more than 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 including equities business in Luxembourg. Barclays says that the opening of the regulated branch will allow it to deliver transaction banking services locally for its clients.
“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," said David Farrow, head of International Corporate Banking at Barclays. "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.”
The Luxembourg branch has been established as a branch of Barclays’ European subsidiary Barclays Europe whose legal entity is Barclays Bank Ireland PLC. Headquartered in Dublin, the subsidiary houses all of Barclays’ branches across Western Europe.
Like this item? Get our Weekly Update newsletter. Subscribe today