Just Grand in the Duchy
20.09.2010 | Group
Throughout the past year, BNP Paribas in Luxumbourg has become a true tour de force. BNP Paribas Luxembourg, with its 1,500 employees, had been especially strong in private banking and securities services; Fortis Bank owned BGL, a bank with a 100-year pedigree and 2,500 employees, and ranked no.1 in business banking and no.2 in personal banking in the local market.
“The combination is very complementary,” says Eric Martin, chairman of the management board of the newly created BGL BNP Paribas “The Group now has a superb new retail network, and Luxembourg has become our fourth domestic market where we enjoy undisputed leadership in key areas: in custody and fund administration for Securities Services, and also in private banking, where we're now no.1 in Luxembourg with a market share of 10-11% and €27 billion under management.”
A comprehensive offer
The new Group in Luxembourg has 4,000 employees, making it “the country's biggest employer among banks and the second-biggest private employer overall.” All the Group's businesses are present in the Grand Duchy, from retail banking, wealth management and securities services to corporate and investment banking, real estate and (life) insurance via Cardif and Fortis Vie. As for vehicle leasing, “Arval was already operating in Luxembourg, however there was no equivalent at BGL. On the other hand BGL had an equipment-leasing business, whereas BPLG had not yet entered the market. So here too it's an excellent fit,” adds Eric Martin.