The Bank of London has formally applied for a EU banking license and has committed to a EUR 200 million investment and the hiring of 300 people in Luxembourg by 2028. The formal application has been jointly lodged with the European Central Bank and Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.

Driving growth and job creation in the EU Formally establishing a base in the EU enables The Bank of London to support businesses in this market. The EUR 200 million investment in Luxembourg and across the wider EU will help power the bank’s EU growth and the creation of 300 new jobs including management, compliance, risk, product development and business control, technology, and operations. Commenting on The Bank of London’s choice of Luxembourg, officials from Luxembourg for Finance said the choice by The Bank of London is an enrichment for the country’s financial services ecosystem and testimony to its attractiveness for such a technology-based operator.

Luxembourg’s digital technology programme was specifically set up to help businesses and consumers and the potential for The Bank of London’s unique offering is enormous, said the chairman of The Bankers’ Association in Luxembourg. The Bank of London, supported by its patented technologies, has a unique business model that actively protects its depositors’ funds by never lending, leveraging, or investing these deposits. By choosing Luxembourg as its EU headquarters, there is an opportunity to offer Luxembourg and the broader EU market a new global digital clearing ecosystem for financial institutions and corporate commercial clients.

The expansion into Luxembourg is seen by the European Union as a significant milestone for the business The Bank of London, building upon their existing foundation in the UK. Eu’s officials believe that Luxembourg is well-positioned to drive the bank's European operations and establish itself as a central hub for clearing within the European Union. .