Luxembourg's oldest private bank - Banque Internationale à Luxembourg (BIL) - has opened its first branch in the United Arab Emirates.

Luxembourg's oldest private bank - Banque Internationale à Luxembourg - has opened its first branch in the United Arab Emirates.

The branch is located in the Dubai International Financial Centre and is headed up by Eddy Abramo, who joined in March this year as regional chief executive for the Middle East. Abramo was previously 19 years with Societe Generale.

"The UAE and Luxembourg are modern, dynamic economies that have emerged as major financial centres and hubs for international banking. With its long history of success stretching back well over a century, BIL is an important addition to the UAE’s banking landscape and this opening is further testament to the close bonds between our two countries," said HE Pierre Gramegna, minister of finance of the Grand-Duchy of Luxembourg.

Holding an asset manager licence from the Dubai Financial Services Authority, BIL Middle East will advise on and arrange a wide range of international financial products and services for families, entrepreneurs and expatriates in the region.

"The opening of a branch in the UAE is a key component of the strategy to expand the bank’s wealth management activities, deepening our footprint in the world’s major private banking centres,” said Hugues Delcourt, chief executive officer of the BIL Group.