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By Enrique MARCHESI HERCE, Partner and Ines TEIXEIRA, Manager, Deloitte Luxembourg
Luxembourg is one of the leading financial centers in Europe. The country is characterized by an internationalized banking industry focused on private banking services for high-net-worth-individuals. Brexit forced foreign banks to rethink their operating model, and many relocated their operations from the United Kingdom and strengthened their presence in Luxembourg, providing them continued access to EU passporting rights across Europe.
Over the last few years, the banking industry has encountered various challenges, including intensive competition, digital transformation, and rising regulatory and tax compliance requirements, which have increased the pressure...
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