The origins of Banque de Luxembourg

The name ‘Banque de Luxembourg’ became official in 1978, but in fact the Bank’s origins date back to 1920. In the aftermath of the First World War, as investment in industry was starting to ramp up, Banque d’Alsace et de Lorraine (BAL) opened a branch in Luxembourg, at 20 rue de l’Arsenal.

In 1929, the stock market crash reverberated across stock exchanges around the world. It was against this challenging backdrop that in 1931 Société Alsacienne de Crédit Industriel et Commercial (SACIC) – founded in 1919 by Société Générale du Crédit Industriel et Commercial (the future CIC) – took over the business of Banque d’Alsace et de Lorraine, most notably the Luxembourg branch, and renamed it Crédit Industriel d’Alsace et de Lorraine (CIAL).