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Major banking institutions from 25 different countries have established 142 banks, subsidiaries or branches in Luxembourg to concentrate their activities on the international markets. The German banking group is the largest with 42 banks. According to the latest PwC report on German banks, the consolidation trend and the focus on private banking business continue to gain ground. The consolidation trend in the banking industry is not specific to German banks; it is a global trend. If you look at the German banks, the concentration process is not a surprise because the number of financial institutions is significantly higher than that of other countries with important domestic markets such as Spain, the UK and the US, where the consolidation trend began earlier.
This...
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