BRANCH BANKING | Staff Reporter, China

CCB will open in Luxembourg

Will become third Chinese bank to do so.

China Construction Bank, China’s second largest lender, has received approval by the Grand Duchy of Luxembourg’s Finance Ministry to open a branch in Luxembourg.

CCB decided to establish a presence Luxembourg last year and conducted initial talks with Prime Minister Jean-Claude Juncker and Finance Minister Luc Frieden in September.

The review of CCB’s official application to join the Luxembourg banking sector was reviewd by the financial services surveillance commission. CCB has now officially been granted permission by the Finance Ministry to operate in Luxembourg.

The Finance Ministry said the good news is the result of a continuous and constant dialogue that has been installed between Luxembourg and China in the context of the strategy of diversification and internationalization of the financial sector, which the government has pursued in recent years.

Other Chinese banks in Luxembourg are the Industrial and Commercial Bank of China and the Bank of China, which has been present in Luxembourg since 1979.

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