China Construction Bank opens a permanent establishment in Luxembourg

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Russian ambassador in Luxembourg Mark Entin took part in the opening ceremony of the European branch of China Construction Bank, which will be located in Luxembourg. The event was attended by the Minister of Finance Luc Friden and Chairman of the Board Hongzhang Wang.

China Construction Bank is one of the four largest banks in China, which occupies the second place in the world by market capitalization. The bank was founded in 1954

In their speeches at the event the Minister of Finance, the head of the bank and other participants stressed that China’s presence in the financial area is rapidly increasing. The Chinese believe that Luxembourg will become a platform for the euro zone and Europe as a whole.

The ambassador held a brief meeting with the management of the bank for possible interaction. The bank representatives said they were in favor of that, and confirmed that in April the bank opened its branch in Moscow.