According to the Luxembourg City Tourist Office, “The evolution of a financial centre in Luxembourg from the end of the Sixties further accentuates the international character of the city. In 1960 the number of banking establishments was 17. That number has grown to 218 by 1994. The effect of so many banks taking root has not always been favourable, mainly because a number of fine dwellings, which had once belonged to city folk, have now been replaced by modern constructions without charme”.
In 2017, there are 142 banks in Luxembourg according to the CSSF (Commission de surveillance du secteur financier).