Bank of America opened its local branch in May, and welcomes customers and is betting on the growth of the country's financial industry and the Grand Duchy's major companies.

Bank of America is banking on increasing revenues from multinationals and asset managers, whom it now serves directly from the country. According to two of its top executives in Europe, its vision is to provide banking services to multinationals that have chosen Luxembourg as their headquarters, but also to the country's fund industry, which represents 5.2 trillion euros. Bank of America is not entirely new to Luxembourg. It provided basic services to local customers through a partner bank, but opened its own branch in the country this year

The bank is seeking to carve out a share in the growth of the Luxembourg fund industry and large multinational companies operating from the country, and is one of the many leading players that have set up shop in the country.