Economy & Politics

Schwäbisch Hall puts the key under the door

After 29 years of presence in Luxembourg, the savings bank specializing in real estate projects will close on December 31. 57,000 customers and 25 employees are affected by this decision.

After 29 years of presence in Luxembourg, the savings bank specializing in real estate projects will close on December 31. 57,000 customers and 25 employees are affected by this decision.

(DH with jt) – Due to the “need to make investments in order to pursue quality service and the difficult context of low rates”, the Bausparkasse Schwäbisch Hall will cease its activities in the Grand Duchy. It is by a press release, issued Wednesday, that the housing savings bank announced that it will have left the Place early next year. But that his 57,000 customers rest assured, the establishment, which cooperates closely with the banks ING, Raiffeisen and BGL BNP Paribas, has promised to follow up on the files in progress, in German and French. Files that still represent almost 4.6 billion euros.

“It was not an easy decision to stop our activities in Luxembourg,” said Peter Magel, the commercial director. “But to guarantee a high level of services for our customers and cooperation partners, considerable investments were necessary to integrate new activities with, among other things, regional particularities.”

In addition to BHW and Wüstenrot, Schwäbisch Hall is one of the three housing savings banks approved in Luxembourg. The company, based in the city of the same name in the Land of Baden-Württemberg, has more than seven million customers in Germany. In addition, according to Schwäbisch Hall, the 25 employees who work in Luxembourg will receive internal reclassification offers.


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