The grand duchy has faced stiff competition from other EU financial centres as companies shift operations from London to Ireland, Luxembourg, France, Germany and the Netherlands in order to maintain access to the European single market after Britain leaves the bloc.
Asked how many financial firms had moved assets to Luxembourg and how much “investment that you still think that you can capture?”, Gramegna stated:
“We have always said that we want to continue to work with London’s City in a cooperative mode. And I think that has been appreciated by investors. It’s about 50 companies that have decided for Luxembourg. But what you can see, in the whole context, it’s been a multipolar choice, as other players have chosen other places. But we’re very pleased with what has happened. I think in terms of asset managers, insurance companies, fintech companies, quite a few have chosen Luxembourg.”
Gramegna also said during the TV interview on Tuesday that Luxembourg would not oppose a request by Britain to extend its Article 50 Brexit deadline, even if he was not entirely sure that an extension would help seal a final deal between the EU and UK.