Finance minister Pierre Gramegna shown in this 2018 library photo  Anthony Dehez/archives

Finance minister Pierre Gramegna shown in this 2018 library photo  Anthony Dehez/archives

Moreover, “this number does not include financial sector service providers, such as London-based lawyers,” he added.

He noted that around half this figure were asset managers and investment companies active in the fund industry. Otherwise, around ten banks have moved a European hub or competence centre to the grand duchy, mainly in the private banking business.

As well, “11 of the largest non-life insurance companies set up their new European HQ in Luxembourg,” Gramegna said. He also noted the arrival of “several” financial technology companies, particularly electronic payments operations.