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In 2020, ** of all *** banks located in the Grand Duchy of Luxembourg came from China. The presence of Chinese banks in the Grand Duchy was higher than those of many other countries, but still less than that of German banks: ** banks came from there. The Asian financial institutions, such as China Everbright, established themselves in Luxembourg to gain access to the EU internal market. European banks in the meantime go to Luxembourg as they focus on specific business areas like private banking and investment funds. Despite this, the Grand Duchy saw a decrease in the total number of authorized banks in recent years.

Banking is but one of many activities for Luxembourg’s financial sector

The Grand Duchy of Luxembourg focuses on three financial areas: banking, investment funds and insurance. Investment funds, for example, were worth almost percent of the country’s GDP in 2019, with the Grand Duchy’s fund industry holding almost *** trillion euros worth of net assets under management (AUM) in ***. When it comes to the number of insurance companies, Luxembourg had more than both Belgium and the Netherlands combined.

Chinese finance is but one example

Luxembourg’s financial sector tries to diversify its activities and sometimes to target specific audiences. For example, Luxembourg was the first European country to issue a sovereign sukuk (a financial certificate that complies with Islamic religious law) on its own thanks to the country's legal structures.