Northern Trust to set up EU bank in Luxembourg ahead of Brexit

London: Asset management company Northern Trust will set up a European Union banking base in Luxembourg following Britain’s decision last year to leave the bloc, the body promoting the Grand Duchy as a financial centre said on Wednesday. The 100-year old Chicago-based bank services asset managers and has operations in London’s Canary Wharf financial district. A base in Luxembourg will allow Northern Trust to continue serving customers across the bloc, irrespective of what sort of financial services trading terms Britain negotiates with the EU.