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Chinese bank opens European headquarters
29 October 2013
China Construction Bank eyes increasing European investment role
China Construction Bank
China Construction Bank (CCB) has officially opened its European headquarters in Luxembourg.
The bank - the fifth largest in the world by market capitalization, with assets close to RMB 15bn ($2.46bn) – said establishing the headquarters in Luxembourg would allow it to strengthen its European investment presence, as well as reinforce Luxembourg's status as an “entry gate” for Chinese banks into the European market.
CCB said Luxembourg was already the European hub for the Bank of China and the Industrial and Commercial Bank of China, and praised its “stable economic environment, the sound regulatory framework and its profound expertise in financial services”, as well as the “ more than four decades of mutual respect” between Luxembourg and the People’s Republic.
It added that the opening of the headquarters would “further underline Luxembourg’s role as one of the leading renminbi centers in Europe”.
The headquarters are due to be inaugurated by Hongzhang Wang, executive chairman of CCB in China, and Luc Frieden the Luxembourg Minister of Finance.
CCB said its European operations were intended to support Chinese clients in their European investment ventures, as well as European customers looking to access business opportunities in China.