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Banks and Financial Institutions in the Luxembourg

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market report

Banks and Financial Institutions
in Luxembourg

The report offers a summary of Luxembourg’s banking industry. It contains data and statistics on different sectors of the banking industry, including private banking, retail banking, and corporate banking. Additionally, it provides important figures on the major domestic and international banks operating within the country.

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Banks and financial institutions in Luxembourg report 2024

Format: PDF | 16 pages | Region: Luxembourg |  June 2024 | Delivery: Immediate

Key findings

  • As of March 2024, there were 117 authorized banks in Luxembourg, the lowest count since 1994, even as the total number of bank employees has risen overall in recent years.
  • In 2023, loans and advances constituted over 55% of the total assets in the banking sector, with cash balances accounting for 26.6%.
  • Approximately 26,000 individuals were employed in the banking sector by the end of 2023, reflecting a stable employment trend.
  • The banking industry saw a significant increase in Return on Equity (ROE), recording 9.1% in the last quarter of 2023, indicating improved profitability.
  • As of 2023, there was a notable increase in household deposits and loans, with non Luxembourgish deposits exceeding 46 billion euros and substantial growth in real estate loans.
  • BNP Paribas Fortis led with the highest market penetration rate in corporate banking among Belgian and Luxembourgish banks in 2024, showcasing its dominance in the sector.
  • The penetration rate of online banking in Luxembourg reached 71% in 2023, continuing an upward trend in digital banking adoption.

And much more.

Total number of banks in Luxembourg from 1994 to 2024

Inside the report

Overview

  • Number of banks in Luxembourg 1994-2024
  • Asset composition of the banking industry in Luxembourg in 2023, by asset type
  • Number of bank employees in Luxembourg 1992-2023
  • Asset composition of the banking industry in Luxembourg 2023, by asset type

Banking system efficiency and stability 

  • Quarterly ROE of the banking industry in Luxembourg 2015-2023

Retail banking

  • Domestic and international household deposits in Luxembourg 2003-2023
  • Household loans for consumption and mortgages in Luxembourg 1999-2024
  • Online banking penetration in Luxembourg 2005-2023

Corporate banking

  • Market penetration of banks for Belgium and Luxembourg large corporations 2017-2024 

Domestic banks 

  • Largest domestic banks in Benelux 2023, by assets 

Sources

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