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CCB inaugurates European HQ in Luxembourg
Economics

CCB inaugurates European HQ in Luxembourg

30.10.2013 From our online archive
Hundreds of guests attended the official inauguration of the world's second biggest bank's European headquarters in Luxembourg on Tuesday.

Hundreds of guests attended the official inauguration of China Construction Bank's European headquarters in Luxembourg on Tuesday.

The new offices, at 1 Boulevard Royal, are not yet ready so the party was hosted at the Hotel Royal. There, CCB chairman Hongzhang Wang gave a speech about his hopes and expectations for the new office.

Earlier in the day, he met with Luxembourg Central Bank president Gaston Reinesch, Finance Minister Luc Frieden and Xavier Bettel, who is in charge of forming the new government.

The CCB's decision to open its European headquarters in Luxembourg was a strategic one, which was encouraged by efforts from the Grand Duchy to diversify and strengthen the financial sector as a main pillar of the economy by focusing on emerging markets.

The Ministry of Finance has also developed a strategy to host the first international financial centre for the renminbi in the euro area. According to agency SWIFT, renminbi payments circulating on the Luxembourg financial market have increased by 86 percent over the past 12 months.

The CCB is currently the second largest bank in the world by market capitalisation and more than 200 billion renminbi are invested in Luxembourg investment funds.

Headquartered in Beijing, China Construction Bank Corporation has been operating for nearly 60 years. The Bank has been listed on Hong Kong Stock Exchange since October 2005 and on the Shanghai Stock Exchange since September 2007.

At the end of 2012, the market capitalisation of the Bank reached US$200 billion, ranking second among listed banks in the world.

CCB is to be based at 1, Boulevard Royal for an initial period of 12 years, according to real estate developer Ikogest.