Luxembourg and China tighten cooperation
A delegation composed of 110 executives from the Luxembourg financial industry, headed by HRH Prince Guillaume, Crown Prince of Luxembourg, and led by HE Pierre Gramegna, Minister of Finance, is in China this week to deepen collaboration between Luxembourg and China.
Two Chinese banks, China Everbright Bank and Shanghai Pudong Development Bank, have confirmed their intention to set up a presence in Luxembourg in order to serve the European market. If approved by the Chinese and Luxembourg regulators, this would bring the total number of Chinese banks in Luxembourg to eight.
As in previous years, Luxembourg for Finance is hosting seminars in Beijing, Shanghai and Shenzhen, with panels on investment and financing solutions. Moreover, four Memoranda of Understanding and one agreement have been signed during the mission:
- MoU between the Shanghai Financial Association (SFA) and Luxembourg for Finance (LFF) to set out a framework for the exchange of information on banking, financial services and securities legislation and regulation, the organisation of training courses, as well as assistance in the organisation of seminars and events.
- MoU between Insurance Association of China (IAC) and Luxembourg Insurance and Reinsurance Association (ACA) to strengthen the international exchange and cooperation in the insurance industry.
- MoU between Bank of Communications (BoCom) and the Luxembourg Stock Exchange to establish a framework of cooperation and strategic partnership between the parties.
- MoU between the China Merchants Bank (CMB), Qianhai Financial Holdings and the Luxembourg Stock Exchange to strengthen the cooperation in financial market activities and to exchange information on best practices for each markets.
- Agreement between Fudan University and the University of Luxembourg for the establishment of a Confucius institute at the University of Luxembourg.