Lloyds is expanding in Luxembourg in an attempt to deepen its reach in Europe\u2019s cross-border funds market, where it plans to expand lending, trade finance and institutional banking services.<\/p>\n
The UK lender has today opened a new office in the Kirchberg financial district.<\/p>\n
The bank says its new base will provide core lending and financing solutions from which Lloyds will serve its corporate and institutional banking offering to financial sponsors and related fund structures that are headquartered or domiciled in Luxembourg.\u00a0<\/p>\n
\u201cEurope is a strategically important region for our corporate and institutional banking business, with clients increasingly treating the UK and Europe as one connected market for capital, financing and risk management,\u201d Carla Antunes da Silva, chief executive of Lloyds Bank Corporate Markets, said in a statement.<\/p>\n
Lloyds will also offer core banking services, including lending and trade finance from its new European hub. The bank declined to comment on how many staff will be based in Luxembourg.<\/p>\n
The move follows regulatory approval from the country\u2019s Commission de Surveillance du Secteur Financier which in December authorised Lloyds\u2019 plans to establish a hub in Luxembourg.<\/p>\n
The bank said the new office builds on its plans to support clients operating across multiple jurisdictions.<\/p>\n
Lloyds Bank Corporate Markets provides banking and financial services through its branches in the UK, the US, Luxembourg and Germany.<\/p>\n
\u201cLuxembourg is a critical international financial centre and home to many clients that operate complex, cross-border structures. Establishing a presence here allows us to support clients locally, while connecting them to our wider international network,\u201d said Julienne Daglish, chief executive of Lloyds Corporate Markets Luxembourg.<\/p>\n