Submitted
01/02/2021 - 9:23am
Luxembourg’s economic stability and the expertise available in its specialised eco-system continues to attract global financial firms, amidst the Covid-19 pandemic, with 82 new entities being licensed to operate by the country’s two financial regulators during 2020.
The Grand Duchy saw licences granted to five new banks, 11 new Management Companies, four new investment firms, four reinsurers and others such as support PFS and specialised PFS institutions, payment institutions and e-money institutions. Luxembourg continues to be particularly attractive for alternative investment fund managers (AIFMs) with 18 new AIFMs and 31 new “light” AIFMs licenced in the year.
Nicolas Mackel, CEO of Luxembourg for Finance, says: “The past year has been unlike any other in recent history. The financial industry managed to switch within a matter of days to remote working. More importantly, it proved resilient. This is certainly in large part due to the extraordinary support measures governments and central banks made available to our economies. It is also due to the regulatory measures adopted after the last crisis.