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Citi selects Luxembourg for EU private banking hub in light of Brexit

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Citi selects Luxembourg for EU private banking hub in light of Brexit

Citigroup Inc.'s private banking division will establish a new booking center in Luxembourg to manage the accounts of its European ultrahigh-net-worth clients in the event of a "hard Brexit," the Financial Times reported, citing the U.S. lender.

Citi told the FT that the new booking center will leverage the bank's existing presence in Luxembourg, allowing it to continue to provide services to its clients without any disruption. It did not say how many employees would be shifted.

Currently, the accounts of many of New York-based Citi's wealthy clients are managed by London-based staff and the services provided to them are booked in the U.K. A hard Brexit could leave Britain outside the EU single market and facing trade barriers.

Citi said in July that it would create a new EU broker/dealer in Frankfurt. The lender's CEO for Europe, the Middle East and Africa, Jim Cowles, said the bank would add about 150 jobs, mostly in Frankfurt but with some in Amsterdam, Dublin, Luxembourg, Madrid and Paris.