Bank of America has opened a branch in Luxembourg which will offer bank account openings along with other products and services. The bank will also provide its global cash management services to non-bank financial institutions in the country, according to a press release.

"This announcement marks a significant milestone for businesses in the region. Many multi-national companies have chosen Luxembourg as a European hub for their activities and we are proud to support business opportunities and responsible growth in this important financial center," Fernando Vicario, CEO of Bank of America Europe DAC, said in the release.

"The opening of the Luxembourg branch demonstrates our ongoing commitment to supporting clients in key countries where they have cash management requirements and providing strategic advice with building resilient enterprises," Matthew Davis, head of Bank of America's business Global Transaction Services EMEA and global co-head of corporate sales, said in the release.

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