Awards for Excellence country winners: Luxembourg

For a small economy, Luxembourg boasts many banks: 120 were authorized in 2023. Many of these primarily serve international clients, in particular providing securities services to institutional investors from across Europe and beyond.

Far fewer serve the domestic economy and fewer still bank all segments of it, ranging from retail customers to wealthy individuals and from lending to small and medium-sized enterprises, to cash management and trade for larger businesses and corporate and investment banking services for the country’s biggest corporations.

As befits a bank in which the state retains a substantial minority stake, BGL BNP Paribas does not just lend to Luxembourg SMEs, it also invests in them. In 2023, it invested €12 million in two-family owned businesses, with a view to helping them grow and plan.

BGL