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Bank of Communication: 6th Chinese bank set to open in Luxembourg
Luxembourg Finance Minister, Mr. Gramegna, announced on September 2nd that China’s Bank of Communications will open for business in Luxembourg at the end of the year, becoming the country's sixth bank to establish a presence in the Grand Duchy. The bank is the fifth largest in China and is listed on the Hong Kong and Shanghai stock exchanges. Bank of China, ICBC and China Construction Bank have already set up their European headquarters in Luxembourg, while China Merchants Bank and Agricultural Bank of China have also announced plans to establish a presence in the Grand-Duchy.