According to information gathered by KPMG Luxembourg, it closed the year with a balance of €45.5 billion. Societe Generale Bank & Trust came in at a close second with €40.4 billion, followed by BGL BNP Paribas (€38.5 billion) and Deutsche Bank (€37.7 billion), which occupied first place in 2016.

The report, which was published in the Luxembourg Times, studied 94 banks with a balance sheet totalling €752 billion, up 4%.

Last April, Deutsche Bank Luxembourg CEO Frank Krings explained during the presentation of the annual results that the reduction of the balance sheet came from a voluntary approach. In two years it has been halved.