Today, Bank of America announced the opening of a new branch in Luxembourg, enhancing both its capabilities and the value it provides to customers in key regions.

With the debut, the bank is now able to assist customers, including corporations, businesses, and NBFIs (non-bank financial institutions), in opening local bank accounts and offering transaction banking goods and services throughout the country. The bank will extend its worldwide cash management services to these NBFIs in particular because Luxembourg is the second-largest investment fund centre in the world1 after the United States.

According to Fernando Vicario, CEO of Bank of America Europe DAC, this news represents a key turning point for the region's businesses. We are pleased to promote business possibilities and responsible growth in this significant financial centre. Many multinational corporations have selected Luxembourg as their European headquarters for operations.

"GTS has been operating in EMEA for over 90 years," stated Matthew Davies, head of Global Transaction Services (GTS), EMEA and Global co-head of Corporate Sales, GTS. The inauguration of the Luxembourg branch illustrates our continuous dedication to assisting clients in important nations with their cash management needs and offering tactical guidance on establishing resilient businesses.

As the only global transaction bank that is completely focused on corporate and institutional clients, Bank of America's GTS division serves as the top financial provider to more than 75% of the Global Fortune 500 in EMEA. A third of deposits and nearly 10% of the bank's overall revenue are generated via GTS. We were named the World's Best Bank for Payments and Treasury by Euromoney for the second year in a row in 2022. Our clients have access to a full range of treasury services on a single platform that is internationally connected and locally relevant.

Source prnewswire