It’s been one year since Bank of America opened its branch here in Luxembourg and your start as branch manager. Could you elaborate on the growth that you’ve seen (in terms of business, staffing, etc.) and some of the key highlights from the last year?
Benoit Nevouet: The first year of our Luxembourg branch has been exciting so far. We entered the market to meet our clients’ demand for access to Bank of America’s (BofA’s) cash management services, and in doing so we made our product range accessible to new clients and legal entities. Within just one year, we’ve doubled the number of bank accounts and clients. Comparing 2023 to 2024, this represents a 70% increase in the average number of client legal entities onboarded per month. Large corporates and financial institutions, in particular, have shown significant interest in our banking capabilities.
Reflecting on a very eventful first year, some key moments that stand out include being listed as one of the top “key players” in the Luxembourg financial sector in the Delano autumn 2023 magazine, being appointed as a gold member of Amcham Luxembourg, and being one of the main sponsors of the ATEL Spring Conference in April 2024 (the 25th anniversary). As a local resident for over 17 years, I am very proud that our global brand has firmly established itself in the Luxembourg business community through local sponsorships and client events.
What were some of the biggest surprises/unexpected things that you were faced with?
While it was apparent that corporates and financial institutions eagerly awaited our entry into the market, what we have experienced has exceeded our expectations. It has been encouraging to learn of their readiness for Bank of America’s local products and services, particularly in regard to our onboarding processes which has received excellent feedback.
Our commitment to social investment will also continue, including support for a diverse range of not-for-profit organisations.
Establishing a new branch has been both a fantastic and rewarding challenge for all the teams involved, and the results have been outstanding from the very first day. This underscores our team’s professional expertise and commitment to our clients. We are looking forward to moving our local office to a larger Luxembourg premises in the near future which highlights our development plans and aspirations with local clients.
What are some of your plans for the next year?
To continue enhancing client experience across all channels and to drive operational efficiencies across our company, technology will remain a crucial focus. BofA’s total annual technology budget is $12bn, with $3.8bn spent each year globally on new technology. Over the past decade, this amounts to $32bn invested in new technology initiatives. Staying current with our clients' needs and supporting them as they explore new areas and evolve their business strategies is essential. Our European footprint will remain a key focus, including ongoing investment in client platforms.
Our commitment to social investment will also continue, including support for a diverse range of not-for-profit organisations. In 2023, we invested more than $32m to support the arts and promote cultural sustainability globally. This is something I am personally very proud of and I am eager to see BofA’s continued support in driving innovative global and local collaborations as well as cross border partnerships.
This article was published for the Delano Finance newsletter, the weekly source for financial news in Luxembourg. .