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      Minister Frieden meets Agricultural Bank of China president in Luxembourg

      Minister Frieden meets Agricultural Bank of China president in Luxembourg

      Minister of Finance Luc Frieden has received the president of Agricultural Bank of China (ABC) ZHANG Yun on November 14, 2013 in Luxembourg. The meeting took place following a prior reunion with Mister Zhang on the occasion of the financial mission to China organised by Luxembourg for Finance in January 2013.

      Discussions involved the economic situation in Europe and China, the diversification strategy of the Luxembourg financial centre and the increasing role of Luxembourg in the internationalisation of the renminbi.

      President Zhang expressed his interest in setting up the bank´s European Headquarters in Luxembourg and outlined ACB’s development strategy in Europe. He also underlined the banks intentions to collaborate with the Luxembourg financial centre.

      After ICBC, Bank of China and China Construction bank, Agricultural Bank of China would be the fourth bank to set up its European headquarters in Luxembourg.

      ABC was founded in 1951 and is one of the largest banks in China, employing 450,000 persons and running 23,500 branches. ABC is ranked tenth worldwide in terms of market capitalisation.