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Citigroup to open booking centre in Luxembourg
Economics

Citigroup to open booking centre in Luxembourg

12.10.2017 From our online archive
New facility to allow Citigroup's private bank to continue administering accounts of EU clients – even 'in event of a hard Brexit'.

Citigroup's private banking arm is to open a booking centre in Luxembourg in preparation for Brexit, the Financial Times has reported.

The US bank, which has had a presence in Luxembourg since 1970, confirmed the plan to the Luxemburger Wort, adding that it would reveal further details in the coming weeks.

"We are planning for the worst-case scenario to be sure we can continue to service our clients," a spokesperson for the group said.

The number of jobs to be relocated to the new office, or created, is unknown. 

Citigroup is setting up the booking centre, which would regroup mostly back-office activities, to allow it to keep administrating the accounts of EU clients even "in the event of a hard Brexit". 

The private bank of Citigroup focuses on ultra-high-net-worth clients.

At the moment, many of the services provided to them are booked in the UK.

Citi told the Financial Times it based its decision on what would "allow us to continue to service our clients without any disruption".

It added: "Luxembourg is a known international wealth centre, with an established culture of international family offices."

In July, Citigroup laid out its post-Brexit plan, announcing the addition of 150 jobs across business units and in key EU locations, including Luxembourg. 

In Luxembourg, Citibank provides banking, investment fund and global custody services and employs around 150 people.  

(Barbara Tasch, barbara.tasch@wort.lu, +352 4993 732)