6th Chinese bank set to open in Luxembourg
China’s Bank of Communications is expected to settle in Luxembourg before the end of the year, marking the sixth Chinese bank to do so.
The Luxemburger Wort first reported the bank, the fifth largest in China, had eyed up Luxembourg in January this year. This was confirmed on Tuesday by Luxembourg Finance Minister Pierre Gramegna.
He said: “The Bank of Communications, China’s fifth largest bank, is coming to Luxembourg. By the end of the year, the six largest banks from the Middle Kingdom will have their financial centres here.”
Among Chinese banks already established in Luxembourg are the Bank of China, ICBC, China Construction Bank, the China Merchants Bank and the Agricultural Bank of China.
The Bank of Communications, also known as BoCom or BoComm, was founded in 1908. It was listed on the Stock Exchanges of Hong Kong Limited and Shanghai Stock Exchange respectively in June 2005 and May 2007.
