LUXEMBOURG, Jan. 30, 2025 /PRNewswire/ — Today, FundBank Group announced that the European Central Bank issued an authorisation on 16 December 2024, allowing FundBank (Europe) S.A.1 to take up the business of a credit institution under the Luxembourg act of 5 April 1993 on the financial sector, as amended. FundBank (Europe) S.A. will be directly subject to the prudential supervision of the Commission de Surveillance du Secteur Financier in Luxembourg.
FundBank, N.A. (PRNewsfoto/FundBank, N.A.)
Headquartered in Luxembourg, FundBank (Europe) S.A. will commence operations in 2025 and will provide seamless and efficient banking solutions to clients in Europe. FundBank (Europe) S.A. will be complementing the Luxembourg alternative investment funds ecosystem and acts in cooperation with key stakeholders of the investment funds industry, which are in need of swift, tech-enabled and efficient bank account opening procedures, banking solutions and bespoke custody services within Europe.
FundBank (Europe) S.A. specializes in innovative propositions in the alternative investment funds space. In addition to taking deposits and providing credit solutions to its clients, FundBank (Europe) S.A. acts on a fiduciary basis for its clients, thereby ensuring that client funds are secured and available, even during market volatility. FundBank (Europe) S.A. will deploy state-of-the-art technology, using AI tools, for the onboarding process and provide a swift, non-invasive and regulatory-compliant experience to its clients.
All FundBank (Europe) S.A. staff will be based in Luxembourg and comprise highly-skilled professionals from the Luxembourg banking and investment funds industry.
Colm O’Driscoll, Vice Chairman of FundBank (Europe) S.A. commented, “As the asset management industry rapidly evolves, so must its banking solutions. We identified a demand from asset managers for a robust and fully dedicated banking partner, delivering banking solutions focused on the unique needs of asset management clients. Expanding into the Luxembourg market has been a continued request from our clients, and we are pleased to have made this a reality for them. As part of our commitment to our clients and the industry, we look forward to further announcements in relation to our technology, products, services, and geographical reach.”
Steve David, Chief Executive Officer at FundBank (Europe) S.A. declared, “We identified a demand from European fund managers and fund administrators for a banking partner that could deliver seamless onboarding and banking solutions that are focused on the unique needs of asset managers. By securing this authorisation and expanding into the European market, FundBank (Europe) S.A. is able to contribute to the successful development of the alternative investment funds industry in Luxembourg by providing creative banking solutions and pioneering groundbreaking techniques, tailored to its clients.”
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Publish date : 2025-01-29 20:00:00
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