At the end of 2012, and with the purpose of enhance the Bank's value proposition in the Private Banking business, which is a key factor to its growth strategy, Bankinter S.A. decided to expand its territorial perimeter with a stable presence in Luxembourg, one of the main financial centers of Europe.
This strategy was accomplished through the acquisition of the infrastructure and the banking license of the Van Lanschot Bankiers Luxembourg, origin of what is now Bankinter Luxembourg S.A.
After its take-off in 2013, in just two years of activity, Bankinter Luxembourg S.A. already had a volume of deposited assets higher than 1,000 million euros, offering customers security, diversification and a high quality service.
Since then, Bankinter Luxembourg S.A. continues to be the only Spanish financial institution with its own banking license in a country, such as Luxembourg, which is the leader in the Private Banking business and in the distribution of investment funds in the European Union.
Apart from meeting the expectations and needs of this customer segment, which demands global financial proposals and more sophisticated and efficient products, the presence in Luxembourg has allowed Bankinter S.A. to have a direct perspective of the European market, a better understanding of the functioning of international markets and a deeper and more global vision of the Private banking activity biases.
This subsidiary, which was the Bank's first out of Spain, has strengthened Bankinter's capacity to bring new clients, both Spanish and international, had an important growth in 2016 with the opening of a new market to actively attend to, following the acquisition of Barclays Portugal by Bankinter Group and the consequent expansion of the bank to that country.
As a result of this growth strategy, Bankinter Luxembourg S.A. ended the year of 2017 with 2,651 million euros in assets under management, representing an increase of 53% over the previous year, and with a credit activity that practically doubled its figures in the same period.
In discretionary management and advice portfolios, the numbers also evolved very positively, reaching 1,182 million euros, 26% more than at the end of 2016.
Simultaneously to this business growth, Bankinter Luxembourg S.A. has been strengthening in recent years its team of professionals in order to provide a high quality service to its customers and promptly respond to the increasing regulatory requirements. Likewise, the Bank has been carrying out an important technological transformation with the sole purpose of maintain a high level of quality in the provision of services and consolidate itself as one of the main players in this market.
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