Pursuits
Credit Suisse Seeks to Build Luxembourg Hub as EU Gateway
- Geneva's Pictet, Lombard Odier also expanding in Luxembourg
- Luxembourg vies with London, Frankfurt as main EU market hub
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Swiss banks led by Credit Suisse Group AG are stepping up operations in Luxembourg, using the rival market as a gateway to clients in the 28-nation European Union.
Roiled by the erosion of financial secrecy that helped make Switzerland the top offshore wealth center, and an impasse in Swiss-EU political relations, the banks are seeking to build a stronghold in Luxembourg will help them comply with new EU financial rules.