Banco BV, one of Brazil’s largest financial institutions, officially commenced operations at its new Luxembourg branch on 1 October 2024, marking its first physical presence in the European financial hub. The branch, located on Boulevard Prince Henri, received regulatory approval from the Financial Sector Supervisory Commission (CSSF), a representative of Bank BV confirmed to Paperjam.

The representative stated that the bank’s decision to establish a presence in Luxembourg aligns with its long-term strategy of internationalisation and competitiveness. Luxembourg, recognised as one of Europe’s major financial centres, provides Banco BV with a gateway to centralise foreign currency operations and credit decisions. This move forms part of a broader initiative to offer more sophisticated trade finance services and meet the evolving needs of wholesale and treasury clients, particularly across Europe.

Maria Carolina Furtado, general manager of the Luxembourg branch, told Paperjam that the choice of Luxembourg was strategic, allowing the bank to enhance its competitive edge by leveraging the country’s AAA credit rating and strong regulatory framework. Furtado, who played a key role in leading the bank’s expansion, highlighted the importance of Luxembourg's status as a leading financial epicentre. “We have a highly qualified, multidisciplinary and multicultural team to serve the interests of our clients,” she said, emphasising the role of Banco BV’s expertise in strengthening its market position. She also noted that the branch currently employs 10 professionals, offering trade and non-trade loans to corporate clients as well as investment products for financial institutions, with plans for further growth over time.

Banco BV’s entry into Luxembourg follows nearly four decades of sustained growth in its domestic market. Originally formed as a partnership between Banco do Brasil and Votorantim, the financial conglomerate has expanded its operations across multiple sectors globally. According to Rogerio Monori, executive director of wholesale, the Luxembourg branch represents a significant milestone in Banco BV’s journey towards becoming a relational bank that supports the businesses and interests of its clients wherever they operate. “With a robust and solid structure in Europe, we now centralise all operations and credit decisions in foreign currency here, making us more competitive,” Monori concluded.