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    <link:label id="lab_group_NetCashInflowOutflowFromDisposalOfCustomerAndLoanPortfolios_documentation_en" xlink:label="lab_group_NetCashInflowOutflowFromDisposalOfCustomerAndLoanPortfolios" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Net Cash Inflow (Outflow) From Disposal Of Customer And Loan Portfolios</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_NetCashInflowOutflowFromDisposalOfCustomerAndLoanPortfolios" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_NetCashInflowOutflowFromDisposalOfCustomerAndLoanPortfolios"/>
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    <link:loc xlink:type="locator" xlink:label="loc_group_GainLossNetMonetaryPositionsHyperinflationEffect" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_GainLossNetMonetaryPositionsHyperinflationEffect"/>
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    <link:loc xlink:type="locator" xlink:label="loc_group_CashCollateralAndNetSettlementAccounts" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_CashCollateralAndNetSettlementAccounts"/>
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    <link:label id="lab_ifrs-full_OtherProvisions_acc0f566-fac9-492b-bf18-06eb92c3420d_verboseLabel_en" xlink:label="lab_ifrs-full_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Other provisions</link:label>
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    <link:label id="lab_ifrs-full_RevenueAndOperatingIncome_32165534-35f7-4526-8808-39ddfff40df3_totalLabel_en" xlink:label="lab_ifrs-full_RevenueAndOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Revenue and other operating income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueAndOperatingIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RevenueAndOperatingIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueAndOperatingIncome" xlink:to="lab_ifrs-full_RevenueAndOperatingIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_fcbbc812-aa9d-4dd8-9abd-95324ae768bf_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Cash flows from (used in) investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
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    <link:label id="lab_group_LiabilitiesArisingFromInsuranceContractsGross_documentation_en" xlink:label="lab_group_LiabilitiesArisingFromInsuranceContractsGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Liabilities Arising From Insurance Contracts, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_LiabilitiesArisingFromInsuranceContractsGross" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_LiabilitiesArisingFromInsuranceContractsGross"/>
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    <link:label id="lab_group_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently_label_en" xlink:label="lab_group_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Adjustments For Increase (Decrease) In Financial Liabilities At Fair Value Through Profit Or Loss, Designated Upon Initial Recognition Or Subsequently</link:label>
    <link:label id="lab_group_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently_documentation_en" xlink:label="lab_group_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Adjustments For Increase (Decrease) In Financial Liabilities At Fair Value Through Profit Or Loss, Designated Upon Initial Recognition Or Subsequently</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently"/>
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    <link:label id="lab_ifrs-full_ReductionOfIssuedCapital_9ea92fd5-5b3e-46da-a333-b86c3e29ca76_negatedLabel_en" xlink:label="lab_ifrs-full_ReductionOfIssuedCapital" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Reduction of issued capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReductionOfIssuedCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_ReductionOfIssuedCapital"/>
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    <link:label id="lab_group_PaymentsOfContributionsToDefinedBenefitPlans_label_en" xlink:label="lab_group_PaymentsOfContributionsToDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Payments Of Contributions To Defined Benefit Plans</link:label>
    <link:label id="lab_group_PaymentsOfContributionsToDefinedBenefitPlans_documentation_en" xlink:label="lab_group_PaymentsOfContributionsToDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Payments Of Contributions To Defined Benefit Plans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_PaymentsOfContributionsToDefinedBenefitPlans" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_PaymentsOfContributionsToDefinedBenefitPlans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_group_PaymentsOfContributionsToDefinedBenefitPlans" xlink:to="lab_group_PaymentsOfContributionsToDefinedBenefitPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_group_GainLossFromInvestingActivities_label_en" xlink:label="lab_group_GainLossFromInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Gain (Loss) From Investing Activities</link:label>
    <link:label id="lab_group_GainLossFromInvestingActivities_documentation_en" xlink:label="lab_group_GainLossFromInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Gain (Loss) From Investing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_GainLossFromInvestingActivities" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_GainLossFromInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_group_GainLossFromInvestingActivities" xlink:to="lab_group_GainLossFromInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_group_IssuedCapitalAndSharePremiumMember_label_en" xlink:label="lab_group_IssuedCapitalAndSharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Issued Capital And Share Premium [Member]</link:label>
    <link:label id="lab_group_IssuedCapitalAndSharePremiumMember_documentation_en" xlink:label="lab_group_IssuedCapitalAndSharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Issued Capital And Share Premium</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_IssuedCapitalAndSharePremiumMember" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_IssuedCapitalAndSharePremiumMember"/>
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    <link:label id="lab_group_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToBankAndCustomers_label_en" xlink:label="lab_group_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToBankAndCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Adjustments For Decrease (Increase) In Loans And Advances To Bank And Customers</link:label>
    <link:label id="lab_group_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToBankAndCustomers_documentation_en" xlink:label="lab_group_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToBankAndCustomers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Adjustments For Decrease (Increase) In Loans And Advances To Bank And Customers</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToBankAndCustomers" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToBankAndCustomers"/>
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    <link:label id="lab_group_LoansAndAdvancesToBanksOfOneMonthOrLess_label_en" xlink:label="lab_group_LoansAndAdvancesToBanksOfOneMonthOrLess" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Loans And Advances To Banks Of One Month Or Less</link:label>
    <link:label id="lab_group_LoansAndAdvancesToBanksOfOneMonthOrLess_documentation_en" xlink:label="lab_group_LoansAndAdvancesToBanksOfOneMonthOrLess" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Loans And Advances To Banks Of One Month Or Less</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_LoansAndAdvancesToBanksOfOneMonthOrLess" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_LoansAndAdvancesToBanksOfOneMonthOrLess"/>
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    <link:label id="lab_group_A52PerpetualSubordinatedCapitalSecuritiesMember_label_en" xlink:label="lab_group_A52PerpetualSubordinatedCapitalSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">5.2% Perpetual Subordinated Capital Securities [Member]</link:label>
    <link:label id="lab_group_A52PerpetualSubordinatedCapitalSecuritiesMember_documentation_en" xlink:label="lab_group_A52PerpetualSubordinatedCapitalSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">5.2% Perpetual Subordinated Capital Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_A52PerpetualSubordinatedCapitalSecuritiesMember" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_A52PerpetualSubordinatedCapitalSecuritiesMember"/>
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    <link:label id="lab_group_HsbcFranceMember_label_en" xlink:label="lab_group_HsbcFranceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Hsbc France [Member]</link:label>
    <link:label id="lab_group_HsbcFranceMember_documentation_en" xlink:label="lab_group_HsbcFranceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Hsbc France</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_group_HsbcFranceMember" xlink:href="MLU0ZO3ML4LN2LL2TL39-2022-12-31.xsd#group_HsbcFranceMember"/>
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    <link:label id="lab_group_ComprehensiveIncomeAttributableToOrdinaryEquityOwnersOfParent_label_en" xlink:label="lab_group_ComprehensiveIncomeAttributableToOrdinaryEquityOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Comprehensive Income, Attributable To Ordinary Equity Owners Of Parent</link:label>
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