As the leading financial centre in the Euro zone, after Frankfurt and Munich, Luxembourg is a multicultural country, resolutely oriented towards the international market and enjoys good economic and social stability. With its advantageous taxation, an attractive banking sector, a dynamic labour market, this small country has many advantages that make it ideal for investment. It is at the heart of a strategic cross-border area in the European Union (between France, Germany and Belgium) with many challenges. Thanks to its multilingual nature, the banking sector thus places translation as a transversal activity for most of its activities. Head for the Grand Duchy and its countless banks!
The Grand Duchy, a world a little apart…
In the Grand Duchy, a great deal of attention is paid to language teaching. Luxembourgers are trilingual, they speak French, German and Luxembourgish, the national language. English is the language of work par excellence, essential, especially in the private banking sector, where financial documents are constantly circulating: analyses, balance sheets, accounting documents, etc.
No less than 140 banks are located in the Grand Duchy of Luxembourg! And this sector continues to attract investors from all over the world. French, German, English, Luxembourgish… linguistic diversity is a major asset for banking, making it possible to facilitate exchanges in a globalized context.
Luxembourg: an economy at a global scale
Like Liechtenstein, the Grand Duchy’s economic success is essentially based on the financial sector. The first private banking centre in the euro zone, the Luxembourg exports 80% of its national production mainly services: investment advice, asset management in Luxembourg, corporate services, insurance products, etc.
The leading financial centre in the European Union
First financial centre in the Euro zone and 3rd behind the United Kingdom and Zurich in Europe. The banking sector is very dynamic on the Luxembourg labour market. The Luxembourg financial centre is a hub for international financial institutions such as the EIB (European Investment Bank), BIL (Banque Internationale à Luxembourg), AIG, Luxembourg for Finance, etc.
Sectors that require daily translate financial documents reports, financial analyses, legal documents, insurance contracts for fluid and efficient communication.
After Strasbourg and Brussels, a large number of European institutions are based in Luxembourg. The country is home to the Court of Justice of the European Union, the Court of Auditors, the EIB and also the Secretariat of the European Parliament. These are all flagship institutions that require multilingualism.
Multilingualism in Luxembourg: an essential asset
What are the essential languages?
In Luxembourg, trilingualism has been enshrined in law since 1984 and the inhabitants naturally speak several languages. Luxembourgish, the national language, but also French and German. These 3 official languages are also used as administrative languages.
During secondary education, English is also taught, which is compulsory. For students, multilingualism is considered a fundamental asset, a key factor, that contributes to academic success.
The challenges of specialised translation in the banking sector
In a globalized economy, specialized multilingual translation is essential. In particular in financial communication, where needs are recurrent. For example, to translate a financial document, a professional translator must be familiar with the workings of banking institutions: a field where a lexicon with specific terms is used and then translated from one language to another, without making mistakes.
What are the advantages for a bank to partner with a specialised translation agency?
- Understanding the needs and challenges of banking organizations: selection of a translator specialized in the banking sector;
- Professional and experienced translators, who master the subtleties of the language of translation perfectly, able to write content in an impeccable style and without any mistakes while respecting the terminology used;
- Quality, meticulous and professional work: a plus to highlight the brand image of a banking institution;
- Respect of deadlines: the guarantee of a quality service, carried out within the production deadlines set by the customer;
- Compliance with procedures : Before being delivered, translations are subject to internal quality control;
- Project management: the team of translators is managed by a project manager, who provides other translators with all the tools they need to carry out the service properly: technical documentation, a glossary, a translation memory, etc.).
- A project manager: to offer a global vision and put into perspective the company’s needs to ensure the coherence of the productions provided;
- The assurance of the strictest respect for confidentiality, which is essential for financial institutions.
Luxembourgish, German, French, English… multilingualism is an essential asset for the banking sector in Luxembourg, a world-renowned financial centre. Financial translation, which is often complex and technical, requires a high level of linguistic ability. It is crucial to use professionals who have proven expertise and solid experience in this sector of activity. Professionals, do you want to settle in Luxembourg or trade with the country? The translation into three or even four languages of all your documents is essential.