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      Chinese banks in Luxembourg

      Luxembourg has a friendly cooperation with Chinese financial institutions and will continue to seize opportunities to strengthen the development of the Luxembourg cross-border RMB offshore market, as well as the research and development of financial instruments.

      Five major Chinese banks, Industrial and Commercial Bank of China (ICBC), Bank of China (BoC), China Construction Bank (CCB), Bank of Communications and Agricultural Bank of China have their European headquarters in Luxembourg. China Merchants bank runs a branch out of Luxembourg.

      They selected Luxembourg for its competitive advantage as an international financial centre, known for its economic stability, its skillful and multilingual work force and its expertise in cross-border business. Because of a favorable geographic location and its Euro Area membership, Luxembourg is also the ideal place to expand the Chinese banks’ network throughout the entire European single market.

      Bank of China was the first Chinese bank to enter Luxembourg and opened its first representative office in 1979. At that time, it was the group’s first presence in continental Europe.. Out of Luxembourg, branches have been set up in Rotterdam, Brussels, Warsaw, Stockholm and Lisbon.

      ICBC is the largest bank in the world by market capitalisation. A representative office was opened in Luxembourg in 1998 already, being upgraded to a branch in 1999. ICBC (Europe) S.A. was officially established in September 2006, and changed to the present name from ICBC Luxembourg S.A. on January 1st 2011. ICBC (Europe) S.A., together with ICBC Luxembourg Branch, set up the ICBC regional management platform on Continental Europe. Headquartered in Luxembourg, ICBC (Europe) S.A. also operates a network covering branches in major European cities, namely Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon. ICBC also serves as Luxembourg’s RMB clearing bank and will be developed into the group’s European wealth management centre.

      In view of its European strategy, China Construction Bank, the world’s second largest bank by market capitalization and Bank of Communications, have opened its European Headquarters in Luxembourg in 2013, respectively in 2015. China Merchants Bank and Agricultural Bank of China also joined in 2015.