Luxembourg Ranks Among Three Best Financial Centres in Western Europe

Riga, Latvia, October 3, 2016, 14:14 / Banking

According to the Global Financial Centres Index (GFCI), published by Z/Yen, a leading London-based think tank, Luxembourg has shown great result, having occupied 12th place, thus rising by 2 positions as compared to previously.

Moreover, it occupies third place amongst Western European countries. According to financial professionals, Luxemburg has a huge potential to play a key role on the global financial arena in the near future, following the Brexit referendum results in the UK. “Early indications following the Brexit referendum result are that decision-makers are looking around and considering Luxembourg and Dublin as potential locations if they need to leave the UK,” states the GFCI. In the current index, Luxembourg outruns such major cities as Dubai, Geneva, Frankfurt, etc.

As our parent bank, ABLV Bank, AS, has earlier published, Riga ranks 52nd, gaining 19 points as compared to the previous rating and leaving behind Brussels, Moscow and Copenhagen among others.

The Global Financial Centres Index, published in September 2016, shows that London, New York, Singapore and Hong Kong, where ABLV group has its representative office, have maintained their strong positions as the four leading global financial centres. The GFCI is updated and republished twice a year, assessing 87 financial centres. The GFCI provides ratings, rankings and profiles for financial centres, drawing on two separate sources of data — instrumental factors (101 factors have been used this time) and responses to an online survey (completed by 1,852 international financial services professionals providing 23,006 valid financial centre assessments).