China Everbright Bank cleared for Luxembourg subsidiary
China Everbright Bank has been approved to establish a subsidiary in Luxembourg, making it seventh Chinese financial institution to do so, Luxembourg for Finance, the agency set up to develop the sector, said.
Beijing-headquartered Everbright is focused on corporate, treasury, investment banking, wealth management and mortgages, the agency said in a statement. Shanghai Pudong Development Bank is also seeking approval to start a Luxembourg subsidiary, the agency said.
Bank of China was the first of the country's banks to come to Luxembourg, in 1979. It has been followed by Agricultural Bank of China, Bank of Communications, China Construction Bank, China Merchants Bank and the Industrial and Commercial Bank of China, the agency said.
Luxembourg is the second-largest global domicile of investment funds investing into mainland China, after Hong Kong. It is the largest European listing centre for renminbi, or dim sum, bonds, the agency said.
(Alistair Holloway, email@example.com, +352 49 93 739)