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

LONDON, July 19 (Reuters) - Asset management company Northern Trust will set up a European Union banking base in Luxembourg following Britain's decision 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.

"Continental Europe is a strategic area of focus for Northern Trust and the creation of our EU banking presence in Luxembourg highlights our commitment to growing our business in the region," Teresa Parker, president of Northern Trust in Europe, said.

Northern Trust's acquisition of UBS Asset Management's fund administration services in Luxembourg and Switzerland, is expected to close later this year.

An announcement from LuxembourgforFinance, rather than the company itself, underscores the competition between financial centres to attract financial firms in London who need a new EU base after Brexit. (Reporting by Huw Jones; Editing by Rachel Armstrong)