In-country transaction banking operations
launched in key financial hub
LONDON, May 10, 2023 /PRNewswire/ -- Bank of America
today announced that it has opened a new branch in Luxembourg, further strengthening its
capabilities and the value it offers to clients in core
markets.
The launch means the bank can support clients – corporate,
commercial and NBFIs (non-bank financial institutions) – with
setting up local bank accounts and provide in-country transaction
banking products and services. In particular, as Luxembourg is the second largest investment
fund centre in the world1, after the United States, the bank will deepen its
global cash management services to these NBFIs.
Fernando Vicario, CEO of Bank of
America Europe DAC said, "This announcement marks a significant
milestone for businesses in the region. Many multi-national
companies have chosen Luxembourg
as a European hub for their activities and we are proud to support
business opportunities and responsible growth in this important
financial centre."
Matthew Davies, head of Global
Transaction Services (GTS), EMEA and Global co-head of Corporate
Sales, GTS said, "GTS has been operating in EMEA for over 90 years.
The opening of the Luxembourg
branch demonstrates our ongoing commitment to supporting clients in
key countries where they have cash management requirements and
providing strategic advice with building resilient
enterprises."
Bank of America's GTS business is the leading financial provider
to over 75% of the Global Fortune 500 and in EMEA, our people,
platform and investment have a common aim as the only global
transaction bank that's focused solely on corporate and
institutional clients. GTS drives over 10% of the bank's firmwide
revenue and around a third of deposits. Recognized as the World's
Best Bank for Payments and Treasury by Euromoney for the 2nd
consecutive year in 2022, our clients access a suite of treasury
services on a single platform that's globally connected and locally
relevant – we make it easier for organizations to transact
worldwide.
Bank of America
Bank of America is one of the world's
leading financial institutions, serving individual consumers, small
and middle-market businesses and large corporations with a full
range of banking, investing, asset management and other financial
and risk management products and services. The company provides
unmatched convenience in the United
States, serving approximately 68 million consumer and small
business clients with approximately 3,900 retail financial centers,
approximately 15,000 ATMs and award-winning digital banking with
approximately 56 million verified digital users. Bank of America is
a global leader in wealth management, corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business households through a suite
of innovative, easy-to-use online products and services. The
company serves clients through operations across the United States, its territories and more
than 35 countries. Bank of America Corporation stock (NYSE: BAC) is
listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Megan
Pearson, Bank of America
Phone: +44 (0)20 7995 6977
megan.n.pearson@bofa.com
Footnotes
- The International Investment Funds Association
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