The decision was taken to mitigate potential disruption to business that might stem from Britain leaving the European Union.  

It confirmed the move in a statement to the Financial Times.

The bank declined to detail the number of jobs to be moved or created.

The Financial Times reported on 12 October:

“Citi’s private bank is entirely focused on “ultra high-net worth” (UHNW) clients, who each have total wealth of $25m and at least $10m of that money with Citi. At present many European clients are handled by staff in London and services provided to them are booked in the UK. In response to questions from the Financial Times, Citi said on Wednesday night that it had “taken the decision to build a booking centre in Luxembourg for its European resident UHNW clients, in the event of a hard Brexit”. Citi said its new booking centre “will leverage Citi’s existing legal vehicle and presence in Luxembourg”. “The decision is based on what is best for our clients and what will allow us to continue to service our clients without any disruption,” the bank added. “Luxembourg is a known international wealth centre with an established culture of international family offices.”