HSBC has been present in Luxembourg for 40 years and has four core businesses: asset management, corporate banking, private banking and securities services. Commercial banking was also offered to Luxembourg subsidiaries of foreign clients as part of an international subsidiary banking service (ISB).

HSBC will now offer these services to large companies headquartered in Luxembourg and provide customers with "access to a wider range of financing, cross-border trade and treasury services. We will focus on large Luxembourg-headquartered companies with an international presence, connecting them to HSBC's global network and capabilities," the bank said in a statement.

"This business development further demonstrates HSBC's investment in Luxembourg. We will help our clients become more sustainable and grow internationally, while connecting entrepreneurial businesses to opportunities," commented , managing director of HSBC in Luxembourg.

"We will align the entrepreneurial growth markets of Luxembourg, the Nordic countries and Israel with our fast-growing business in the Netherlands," adds Bart Remmers, CEO Netherlands and regional head of CMB's entrepreneurial growth markets.

Appointments

The announcement of the new business was accompanied by the announcement of three appointments.

Andrea Nini has been promoted to country head of multinationals, replacing Shyam Sanker who has taken up a new position within the group. He also joins the local executive committee.

Ozgun Demir has been appointed senior relationship manager, CMB Luxembourg, from HSBC Turkey. She will develop and support the newly launched CMB business and large corporate clients.

Aamer Butt has been appointed relationship manager, CMB Luxembourg. He previously held this position at Bank of China Europe (Luxembourg). He will support Ozgun Demir in acquiring new clients while managing a portfolio of Luxembourg BSI clients.