One of the global systemically important banks, Bank of America has launched a new branch in Luxembourg, allowing the bank to further support corporate clients, commercial clients and non-financial bank institutions.

“This announcement marks a significant milestone for businesses in the region. Many multi-national companies have chosen Luxembourg as a European hub for their activities and we are proud to support business opportunities and responsible growth in this important financial centre,” said Fernando Vicario, CEO of Bank of America Europe DAC.

As the grand duchy is the second largest investment fund centre worldwide, the new branch will also help the bank to extend its global cash management services to non-financial bank institutions.

“The opening of the Luxembourg branch demonstrates our ongoing commitment to supporting clients in key countries where they have cash management requirements and providing strategic advice with building resilient enterprises,” said Matthew Davies, head of global transaction services (GTS), EMEA and global co-head of corporate sales, GTS.

Reuters also that Benoit Nevouet--who worked for BNP Paribas for 25 years and most recently as head of transaction banking, Luxembourg--has been hired as the manager of Bank of America’s new Luxembourg branch.

Bank of America offers wealth management, corporate and investment banking and trading services across a broad range of asset classes. It has approximately 68m consumer and small business clients, and is active in the United States and more than 35 countries.