Bank of London applies for EU banking licence, invests €200m in Luxembourg HQ

The Bank of London is investing €200m into setting up a new base in Luxembourg having formally applied for its EU banking licence.

The bank is also going to build up a staff of 300 people over the next five years. 

These will include management, compliance, risk, product development, technology and operations.

“Luxembourg is the logical choice for us to build out our offering across the EU, and marks the latest step in our international growth strategy and follows the successful rollout of our banking solutions across the UK,” Bank of London founder and Group CEO Anthony Watson said. 

Choosing Luxembourg as its EU headquarters, the Bank of London will be positioned to cater to the broader European market for both financial institutions and corporate commercial clients. 

“This is a major milestone for our business and follows the foundation established in the UK,” The Bank of London chair of the EU region Norbert Becker.

“Luxembourg is perfectly positioned to play a key role in driving the bank’s European business forward, and ensuring Luxembourg is the centre of clearing for the EU.” 

Earlier this year the bank extended its Series C by $40m to reach $160m, and notably threw its hat in the ring to acquire Silicon Valley Bank before it was acquired by HSBC.