China Construction Bank opens new European Headquarters in Luxembourg
China Construction Bank (CCB), the world’s fifth largest bank by market capitalization, today celebrates the official opening of its European headquarters in Luxembourg. This strategic move will strengthen CCB’s operations in Europe as well as Luxembourg’s position as an ideal entry gate for Chinese banks into the European market. It will further underline Luxembourg’s role as one of the leading renminbi centers in Europe.
The premises will be inaugurated by Luxembourg’s Minister of Finance, Luc Frieden and the Executive Chairman of CCB in China, Hongzhang Wang.
CCB has almost 15,000 branches in China. Founded in 1954, CCB employs more than 355,000 people; it is the world’s 13th largest employer. In June 2013, total assets accounted for almost 15bn RMB. CCB’s business model relies on three pillars: corporate banking, personal banking and treasury operations. From its European headquarter in Luxembourg, CCB will accompany its Chinese customer base in their European ventures and through its central location be able to best serve them. It will also serve European customers looking to capture business opportunities in China.
The launch of CCB in Luxembourg is an important milestone in the internationalization of CCB’s network, especially in Europe, which still remains China’s most important trade partner.
China Construction Bank is the third Chinese financial institution to choose Luxembourg for its European headquarters. Due to its stable economic environment, the sound regulatory framework and its profound expertise in financial services, Luxembourg already serves as the European hub for two other major Chinese banks, Bank of China and ICBC, which have been present in the Grand-Duchy since 1979 respectively 1993 and operate their European network out of Luxembourg.
This new addition to the Luxembourg banking community is testimony to the excellent relations between Luxembourg and the People’s Republic, built on more than four decades of mutual respect.