BGL BNP Paribas (formerly Banque Générale du Luxembourg or BGL) is the subsidiary of BNP Paribas in Luxembourg, which roots going back to the Banque Générale du Luxembourg (BGL) founded in 1919 by mostly Belgian stakeholders. Part of the BNP Paribas Group since May 2009, it was the second-largest bank in Luxembourg by total assets as of end-2023 (at €52.7 billion), behind the state-owned Banque et Caisse d'Épargne de l'État.[2]
In 2011, BGL BNP Paribas had been the second-largest private-sector employer in the country, behind ArcelorMittal.[3] In 2014, BGL BNP Paribas was ranked by The Banker magazine as the top bank in Luxembourg based on tier 1 capital.[4]
History
Banque Générale du Luxembourg
The BGL was founded on 1919-9-29, the day after the 1919 Luxembourg referendum which stabilized the country's political prospects, as a Belgian entity registered in Arlon in Belgian Luxembourg but with operational head office in Luxembourg City. The initiative was led by the Société Générale de Belgique (SGB), together with Luxembourgish and Belgian partners. The main office soon moved into new premises at 14, rue Aldringen near the intersection of downtown Boulevard Royal and Avenue Monterey. By 1928, it had become a large regional bank extending its operations to the neighbouring areas of Belgium and France, including Metz and Thionville. In 1934, the SGB transferred its controlling stake in BGL to its newly formed affiliate the Banque de la Société Générale de Belgique (or SGB Bank). In 1935, the BGL's registered office was relocated from Belgium to Luxembourg, even though the SGB remained as its major shareholder.[8]
With the integration of Luxembourg into Nazi Germany during World War II, the banking sector was disrupted and brought into service of the new rule.
Recent developments
In 2018, BGL BNP Paribas acquired the Luxembourg subsidiary of ABN AMRO.[8] During the beginning of 2019, the Private Banking sector has been separated and it is now independent.
See also
- BGL Luxembourg Open, a Luxembourg tennis tournament organised from 1991 to 2021
- BGL Ligue, the highest point of Luxembourgish Football, being named that since the 2008-09 season.
- BGL: L'histoire d'un siècle. A virtual exhibition on the history of the bank.
- List of banks in Luxembourg
References
- Inauguration des bâtiments de BNP Paribas au Kirchberg Paperjam, 2016-7-5^
- Mesan Ali. Top 10 Banks in Luxembourg ElevatePay, 2025-2-20^
- "ArcelorMittal, BGL et Cactus sont les premiers employeurs du Luxembourg", Wort.lu, 20 June 2011.