Fourth Chinese bank sets sights on Luxembourg
A fourth Chinese bank is considering opening its European headquarters in Luxembourg, it emerged during a meeting with Luxembourg's Finance Minister.
According to initial reports, during a visit on Thursday the president of Agricultural Bank of China (ABC), Zhang Yun, expressed an interest in setting up the bank's European hub in the Grand Duchy. If all goes to plan, it will make ABC the fourth Chinese bank to do so.
Zhang Yun met Finance Minister Luc Frieden in a follow-up to a meeting during Luxembourg's last development mission to China in January this year.
Thursday's discussions centred around the economic situation in Europe and China, Luxembourg's diversification strategy for its financial sector and its dealings with the renminbi.
The Agricultural Bank of China was established in 1951 and is today among the largest banks in China with more than 450,000 employees and a network of 23,500 branches in China. It has the tenth highest market value of any bank in the world.