Bank of London Formally Applies For An EU Banking License

The Bank of London has submitted a formal application for a European Union Banking License. The bank has also committed to a 200 million euro investment to support its expansion across Europe. Over the next five years, it plans to hire 300 people who will operate from Luxembourg.

Bank of London applies for an EU license

Bank of London is joining the growing list of UK companies that are looking to expand across Europe. The banking institution plans for this EU banking license to support this expansion and grow its clientele base.

A statement from the company said, “Luxembourg is the logical choice for us to build out our offering across the EU, and marks the latest step in our international growth strategy and follows the successful rollout of our banking solutions across the UK.”

The formal application for this EU banking license has been filed jointly by the European Central Bank and the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.

The Bank of London is planning to create a base across the EU that will allow the institution to support businesses across the largest single market and trading bloc globally. The investment announced by the company in Luxembourg and the EU, equivalent to 200 million euros, will power the growth of the bank across the EU.

The expansion will also create 300 new jobs in the region. These jobs will range from compliance, management, risk, product development, business control, operations, and technology offerings.

Nicolas Mackel, who is the choice for Head of Luxembourg for Finance, said that the Bank of London had selected the country for the expansion as it was a testament to the financial services ecosystem in the country.

The Chairman of the Bankers Association in Luxembourg, Guy Hoffman, said that the country’s digital technology program had been set up to support consumers and businesses. The institutions were also tapping the potential of the unique offerings of the Bank of London.

Bank of London operates a unique business model

Bank of London operates through a unique business model that seeks to protect depositor funds. It offers these protections by not lending, leveraging, and investing the deposits. By having Luxembourg as the EU headquarters, the fintech will have a unique chance to provide the entire EU market with a new global digital clearing ecosystem.

Another executive at the bank also said that the expansion was a major milestone for the business, and it followed the foundation that had been established in the UK. The country was also uniquely positioned to boost the expansion of the bank across the EU.

The Group Chief Executive and Founder at the Bank of London, Anthony Watson, said, “Luxembourg is the logical choice for us to build out our offering across the EU, and marks the latest step in our international growth strategy and follows the successful rollout of our banking solutions across the UK.”