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China Construction Bank sets up in Luxembourg

The China Construction Bank, the world’s second largest by market value, is to open a subsidiary and a branch in Luxembourg, a government statement said Wednesday.

The announcement followed talks between CCB chief Wang Hongzhang, Luxembourg Prime Minister Jean-Claude Juncker and Finance Minister Luc Frieden.

The statement said the Chinese bank had decided to open in Luxembourg “soon” due to the country’s “stable economic environment and the great quality of the regulatory framework and financial services.”

Two other major Chinese banks are also present in Luxembourg, the Industrial and Commercial Bank of China (ICBC) which opened its main European office there in January last year, and the Bank of China, present since 1979.

Luxembourg as of last month was home to 142 banks with balance-sheets worth 787 billion euros. CCB listed in 2011 as the second largest bank to ICBC.