Fundbank Group has been authorised by the European Central Bank to take up the business of a credit institution in Luxembourg.
Under supervision of the Commission de Surveillance du Secteur Financier (CSSF), the authorisation will allow Fundbank (Europe) to start business operations in Luxembourg this year.
The company says it will now be able to provide banking solutions to clients in Europe, as well as complement the Luxembourg alternative investment funds ecosystem.
The authorisation will also see all Fundbank (Europe) staff to be based in Luxembourg.
Steve David, CEO of FundBank (Europe), comments: “By securing this authorisation and expanding into the European market, FundBank (Europe) is able to contribute to the successful development of the alternative investment funds industry in Luxembourg by providing creative banking solutions and pioneering groundbreaking techniques, tailored to its clients.”
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