China Construction Bank inaugurates new Luxembourg HQ
China Construction Bank (CCB) officially inaugurated its new headquarters in the capital on Tuesday, bringing the number of Chinese banks headquartered in Luxembourg up to three.
Finance Minister Luc Frieden received bank chairman Hongzhang Wang at the bank's new offices at 1, Boulevard Royal.
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.
Currently, 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.