Crédit Agricole Group in Luxembourg
Present on this market for more than 100 years, Crédit Agricole has become a major player in many business lines and is one of the main employers in the financial centre.
A bit of history
In Luxembourg, the Crédit Agricole Group is a long-standing player in private banking. Its oldest presence is due to Crédit Lyonnais, followed by Banque de Suez, Banque de l’Indochine and Caisse Nationale de Crédit Agricole. From 1990 to 2000, new activities were established to draw the Group’s current face in the Grand Duchy.
One of the most dynamic economies in Europe and the most open in the world
The Luxembourg economy returned to growth in 2024 with, according to the OECD, expected growth of 1.2% and a more robust recovery expected in 2025 (+2.3%) and 2026 (+2.4%), supported by strengthened domestic and external demand.
In particular, a moderate recovery in the construction sector and an increase in exports of financial services should support growth.
Inflation is forecast at 2.4% in 2025 and 1.8% in 2026. The fall will be limited by the rise in services prices.
Household consumption should recover as the savings rate falls.
Employment growth in Luxembourg continues to slow, reaching its lowest level since 2009 in 2024. The unemployment rate is expected to rise slightly to 6.0% in 2025 before falling to 5.8% in 2026, reflecting stronger employment growth.
Public revenues are expected to stabilise between 2025 and 2026 following the adjustment of tax scales and the normalisation of corporate tax balances.
Growth in public spending will be limited by the end of the crisis measures. The public deficit should widen from -0.6% of GDP in 2024, -0.8% of GDP in 2025, to -0.6% in 2026.
Greenhouse gas emissions in Luxembourg are expected to decrease significantly, with a projected decrease of 4.5% in 2024 and 5% in 2025 due to a decrease in the consumption of petroleum products as well as the increasing use of electricity. Gas and electricity prices are expected to increase from 2025 with the gradual end of tariff shields.
Benchmark 2024
| Population: | 672 050 |
| Unemployment rate: | 5,7% |
| GDP: | US$129,810/capita |
| Growth rate: | -1.1% in 2023, 0.5% in 2024, 2.5% in 2025, 2.6% in 2026 |
| Inflation: | 2.9% in 2023, 2.3% in 2024, 2.4% in 2025 and 1.8% in 2025 |
| Public debt: | 25,5% of GDP |
| CO2 emissions: | 10.5 tons / capital |
Sources : OCDE, Statec, ECO
The forces at work
The Crédit Agricole Group in Luxembourg has more than 3,100 employees working in (the areas of) asset servicing, private banking, insurance, long-term leasing and supporting start-ups throughout the Village by CA Luxembourg.
| The forces at work | Activities |
| CACEIS 1,908 employees | CACEIS in Luxembourg is characterised by a strategy, teams and technologies entirely dedicated to asset servicing. In terms of market share, the entity ranks No. 2 in the transfer agent business, No. 3 in fund custody and administration, and No. 1 depositary bank in the Private Equity client segment. As part of its innovation strategy, CACEIS in Luxembourg was granted the status of VASP (virtual asset service provider) at the end of 2024.
The main services provided by CACEIS in Luxembourg cover fund administration, asset custody, fund depositary function, fund distribution, market and ESG solutions as well as services for private equity and real estate players. Since the integration in 2024 of the former RBC IS teams in 2024, CACEIS Luxembourg’s employees are spread over two sites. |
| Amundi 113 employees | Amundi Luxembourg is Amundi’s cross-border investment funds management company. It offers all types of funds: UCITS, money market funds, assets, ETFs, ELTIFs (European Long-Term Investment Funds), real estate funds, private debt Amundi offers its asset management clients all types of solutions to host SICAVs |
Fund Channel 110 employees | Fund Channel is a B2B fund distribution platform operating in Europe and Asia. Since 2005, Fund Channel has offered a one-stop-shop (all-in-one) solution with innovative services to facilitate fund distribution, enhance transparency and improve processes for fund management companies and distributors. A joint subsidiary of Amundi and CACEIS, Fund Channel is headquartered in Luxembourg and has offices in Italy, Singapore and Switzerland. The recently launched Fund Channel Liquidity platform gives treasurers direct access to a wide range of money market funds, making it the leading solution in Europe. Fund Channel was voted Best European Distribution Platform in Europe (three consecutive years,) in 2022, 2023 and 2024 (Source: Platforum). |
| Indosuez 828 employees | From Luxembourg, Indosuez is in charge of the development of the European zone (excluding France and Belgium) and supports its customers through a network of branch offices located outside the Grand Duchy. These branches, run by dedicated teams, are present in Spain, Italy and Portugal. The acquisition of Degroof Petercam has enabled Indosuez to become one of the leaders in wealth management in Luxembourg. The bank is also committed to developing synergies with other Group entities, notably with CACEIS, CAA, Amundi and Fund Channel. |
Crédit Agricole Life Insurance Europe (CALI Europe) 80 employees in Luxembourg and 16 in France | CALI Europe markets top-of-the-range, tailor-made life insurance and capitalisation products to European customers. Its products are aimed at private banking and wealth management clients and are distributed primarily through the Crédit Agricole Group networks (Regional Banks, LCL, Indosuez Group and CA Italia). CALI Europe launched a new Euro Fund in early 2024, which is managed by Crédit Agricole Assurances and Amundi teams and deposited with CACEIS Luxembourg. Operating from its headquarters in Luxembourg and a branch in France, CALI Europe raised €1.7bn in 2024. |
| CAMCA Assurance | Founded in 1997, CAMCA Assurance is a non-life insurance company, a subsidiary of CAMCA Mutuelle. The No. 3 French guarantor, it guarantees €176 billion in outstanding loans. Approximately 90% of its business is in the area of home loan guarantees and specialised market loans distributed by the Regional Banks and LCL. It also intervenes in the affinity insurance sector, in telephony and multimedia in France, Belgium, Luxembourg and Spain. CAMCA Assurance provides its financial guarantee to PMU and FDJ authorised sales outlets, as well as to the retailers. Lastly, it issues guarantees in the field of Construction Insurance for the Regional Banks’ customers. |
| CAMCA Réassurance | Established in 1992, CAMCA Réassurance is a captive reinsurance company. It is a long-term risk management tool and is primarily aimed at the specific reinsurance of the CAMCA Group’s risks (operational, cyber, surety, construction risks). |
Leasys 65 employees | Leasys Luxembourg offers mobility solutions ranging from flexible medium and long-term leasing to corporate fleet management, ensuring efficient, safe and sustainable mobility. Leasys is a leader in the mobility market thanks to its historical presence in Luxembourg since 1988 (formerly LeasePlan). Leasys records 1 out of 5 electrified vehicles and 1 out of 2 private hire vehicles in Luxembourg.
*Leasys, equally owned by Stellantis and Crédit Agricole Personal Finance & Mobility |
| CA Auto Bank | CA Auto Bank operates in Luxembourg via CA Auto Bank Belgium, offering a complete range of tailor-made products: fully digital loans, leasing and wholesale for the financing of new and used cars. |