The status of a leading financial center known worldwide has determined Luxembourg to place its bid with the European Council in order to become the home country of the European Banking Authority (EBA). This comes as a consequence of Brexit with London hosting two large EU authorities. Our lawyers in Luxembourg can offer more information on the Grand Duchy’s banking system.
UK exiting the European Union has determined the European Council to seek for suitable locations for two of the most important EU institutions located in London: the European Banking Authority (EBA) and the European Medicines Agency (EMA).
Luxembourg has placed its bid in June and it chances of hosting the EBA are quite high considering it already plays an important role in the Union: the Grand Duchy is already home to several judicial and financial institutions. Luxembourg has time to “convince” the European Council until March 2019 when Brexit will be completed.
Luxembourg has one of the most diverse financial industries in the Eurozone, its economy relying on the banking sector which is a mix between private, corporate and investment banking, but local companies also specialize in offering trustee services and fund management. Also, most EU decisions related to the financial industry are taken and first implemented here.
At international level, Luxembourg is EU’s liaison with international banks and serves as an international platform for European banks.
Even if its reputation as a financial center speaks for itself, hosting an European institution means much more than this. It implies a good infrastructure which can support many business meetings. Luxembourg has what it takes to ensure no interruptions: a wide variety of conference and meeting spaces and hotels with impressive capacities.
From an economic point of view, Luxembourg has one of the most qualified work forces and labor markets in the EU which are ready to absorb the employees of the EBA, as well as one of the best healthcare systems.
If the presentation above made you consider opening a company here, do not hesitate to contact our Luxembourg lawyers for assistance.
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