Founded in 1856, Banque et Caisse d'Epargne de l'Etat, Luxembourg (BCEE), Luxembourg's State Savings Bank, is the doyen of the country's financial institutions and one of the cornerstones of the financial community. BCEE's capital is entirely owned by the Grand Duchy of Luxembourg, making it the only important financial institution in the country without foreign shareholders. Today, BCEE is a fully-fledged universal bank and offers the full range of services that a national and international clientele expects from its financial intermediary. The Bank not only has the largest branch office network in Luxembourg but also has a vast network of correspondent banks worldwide. With some 1600 employees, it is one of the 15 biggest employers in the Grand Duchy of Luxembourg. The excellent ratings of AA+ by Standard & Poor's and Aaa by Moody's make BCEE the best-rated commercial bank in Luxembourg.