1920 – 1950: Market crash, conflict and client trust

In the 1930s, two new banking institutions emerged in Luxembourg: CIAL Luxembourg, a branch of CIAL, and Banque Mathieu Frères, which was founded in 1937 and quickly proved popular with local and international clients who were attracted by its private, family aspect. Together the two banks had to tackle not only the difficult pre-war years but also the global conflict and the occupation of Luxembourg beginning in 1940.

After four years of conflict, the City of Luxembourg was finally liberated by the allied forces in September 1944. Businesses started up again, and CIAL Luxembourg, under the command of Marcel Reckinger, appointed as director, reopened to the public in February 1945. Banking resumed, facilitated by cooperation between the Benelux countries. Those years of crisis forged the Bank’s keen sense of responsibility towards its clients.