Swiss banks, with Credit Suisse Group AG leading the pack, have been enhancing their operations in Luxembourg. As a result of the financial secrecy that made Switzerland’s offshore wealth center so appealing, and an impasse in Swiss-EU political relations, the banks are now turning their attention to Luxembourg.
Among others, Pictet and Lombard Odier, Geneva’s two largest private banks, are expanding their present in Luxembourg. Luxembourg is now vying with London and Frankfurt to be the main hub for banks and fund managers to export their service across the EU.
Romeo Lacher, head of private banking for Europe, Middle East and Africa at Zurich-based Credit Suisse “We want to double the amount of money we book in Luxembourg in three years. It’s a sound anchor in the European Union.”