Northern Trust establishes EU bank in Luxembourg 01 March 2019Luxembourg Reporter: Jenna Lomax
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Northern Trust has established its EU bank, Global Services Societas Europaea (NTGS SE), in Luxembourg.
NTGS SE will be headquartered in Luxembourg with branches in the UK, Netherlands, Sweden and Abu Dhabi.
According to Northern Trust, NTGS SE will ensure continuity of the financial institution’s global products and services after the UK leaves the European Union. Northern Trust’s European, Middle East and Africa (EMEA) headquarters will remain in London, UK.
David Wicks, who was appointed to lead continental Europe for Northern Trust in 2017, has been appointed CEO of the EU bank, while Steve David has been named COO. Thierry Lopez has been appointed its chief risk officer.
Northern Trust’s presence in Luxembourg has grown steadily since it was first established in 2004.
The establishment of NTGS SE marks a milestone in the expansion of the company’s 50-year presence across EMEA.
Michael O’Grady, chairman and CEO of Northern Trust, said: “2019 is a milestone year for Northern Trust. It marks both the establishment of our EU bank in Luxembourg and half a century since we opened our London office, the first Northern Trust office outside North America.”
Teresa Parker president of EMEA, commented: “As an industry, we have seen tremendous change over the last 50 years. Our clients face increased pressure to generate returns and enhance efficiencies against the backdrop of challenging markets, cost and regulatory change.”
She added: “With the establishment of our Luxembourg-based bank, we are exceptionally well placed to support our clients’ future goals and objectives.”
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