Audience certifiée par

History Luxembourg, a confirmed international financial centre. Some important milestones : The sixties marked the beginning of Luxembourg as a financial centre. Today, it ranks seventh among the largest financial centres in the world with more than 210 banks. Some important milestones of its history may illustrate the development and the philosophy of the Luxembourg financial centre : maturity, innovativeness and adaptability.

First steps to an important financial centre :
1856	German bankers create the Banque Internationale à Luxembourg, the only private bank in continental Europe allowed to issue money. The public Saving Bank starts its activities in the same year.
1873	Creation of the Banque Nationale du Grand Duchy, a first attempt to create a central bank. Unfortunately, BNL gets bankruptcy in 1881.
1893	Establishment of the first branch of a foreign bank, Société Générale Alsacienne de Banque (Sogénal)
1919	Opening of a subsidiary of the Société Générale de Belgique, that was to become Banque Générale du Luxembourg in 1935, a company of Luxembourg right.
1921	Creation of the Union Economique Belgo Luxembourgeoise, UEBL. German capital is replaced by Belgian and French capital.
1921	Banque Nationale de Paris opens in Luxembourg
1929	Creation of the Luxembourg stock exchange and enactment of the law on holding companies
1936	Establishment of a subsidiary of Banque Nationale de Belgique with limited activities.
1945	Creation of the Banking Control Commission and opening of its first office.
1949	Kredietbank opens in Luxembourg
Eurobond and eurocurrency market : Towards an international financial centre.
1960	The first American banks settle in Luxembourg, following the implantation of important American industries such as Goodyear, DuPont de Nemours, …
1960	The euromarket starts playing an important part. Golden years for the eurobonds.
1961	First Eurobond issue to be listed on the Luxembourg Stock Exchange.
End of the 60ies	Arrival of the German banks.
1970	Creation of CEDEL.
1972	First reglementation on investment funds.
1973	Swiss banks discover the Luxembourg financial centre.
1973	Opening of the first Japanese bank subsidiary in Luxembourg.
1976-83	Huge evolution of the euromarket. Scandinavian, Italian, Japanese and more German banks establish in the Grand Duchy.
Private banking and mutual funds : Adapting and consolidating the position
1980	Following the credibility crisis in developing countries and Eastern Europe, the financial centre of Luxembourg definitely becomes private banking orientated.
1980	Beginning of the development of private banking and asset management.
1981	Issuance of the first bond denominated in ECU.
1983	Increase of UCITs, liberalisation of the capital market.
1983	Creation of the Luxembourg Monetary Institute.
1984	Law on reinsurance companies.
1988	Introduction of the European directive about UCITs into national law.
1988	First openings of Dutch and British banks subsidiaries in Luxembourg.
1992	Third wave of German banks.
1997	The Luxembourg Stock Exchange opens its fully electronic trade (SAM).
1998	Creation of the Luxembourg Central Bank.
1998	First IPO (initial oublic offering) in Luxembourg related to the satellite provider SES (ASTRA)

The financial centre is obviously one of the core sectors of he Luxembourg Economy. There is no doubt about its future, considering its experience in a wide range of financial activities, its specialisation in certain niche sectors, as well as its multilingual staff. Luxembourg ranks between the most important financial centres and its dynamic government lays the foundations for the future development. The new Pension Fund reglementations will mark a new area of banking and financial activities in the Grand Duchy.