Third Chinese bank settles in Luxembourg
(CS) China Construction Bank (CCB) is set to become the third Chinese bank in Luxembourg after gaining approval by the Grand Duchy's Finance Ministry, it was announced on Monday.
The Chinese bank had set its sights on Luxembourg last year and conducted initial talks with Prime Minister Jean-Claude Juncker and Finance Minister Luc Frieden in September.
Following a review of its official application, filed around four weeks ago, to join the Luxembourg banking sector by financial services surveillance commission CSSF, the bank has now officially been granted permission by the Finance Ministry to settle down in the Grand Duchy.
“The good news is the result of a continuous and constant dialogue that has been installed between Luxembourg and China,” a statement by the ministry said, adding that the dialogue takes place “in the context of the strategy of diversification and internationalisation of the financial sector, which the government has pursued in recent years.”
The CCB is the second largest bank in the world by market value, behind the Industrial and Commercial Bank of China (ICBC), which also has offices in Luxembourg.
They are joined by the Bank of China, present in Luxembourg since 1979.