Citi will set up a private banking hub in Luxembourg to mitigate ‘hard Brexit’ risks

LONDON — US bank Citi will open a European private banking hub in Luxembourg after Brexit, the bank confirmed on Thursday. Citi's private bank — which services clients...

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Winter Frozen Luxembourg City

LONDON — US bank Citi will open a European private banking hub in Luxembourg after Brexit, the bank confirmed on Thursday.

Citi's private bank — which services clients with more than $25 million in total assets — will see a new booking centre set up in Luxembourg as a means to mitigate potential disruption to business that might stem from Britain leaving the European Union.

According to the Financial Times, which first reported the news, Citi said in a statement that it has "taken the decision to build a booking centre in…

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