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China Merchants Bank celebrates its grand opening in Luxembourg
On Monday March 30th, China Merchants Bank held an inauguration ceremony for its Luxembourg branch. The event was jointly inaugurated by Luxembourg’s Finance Minister Pierre Gramegna and CMB’s President and CEO Mr. Tian Huiyu, in front of an audience of invited politicians, diplomats and members of the business community.
President Tian said “The establishment of the Luxembourg branch is a big initiative and we will build it to be our headquarters in Europe. This branch is to leverage on the business friendly environment provided by the Grand Duchy, as well as the connections between the two countries in terms of products, services, capital and assets, in order to provide clients with a variety of cross-border financial services, including settlement and clearing, financing, investment and M&A.” “Luxembourg enjoys a unique advantage in its location. It is the world second largest and Europe’s biggest investment fund center, the largest wealth management center in the Euro zone. With the frequent trade and deepening cooperation between China and Luxembourg, the Grand Duchy has proportionally received the highest amount of Chinese foreign investment and Luxembourg’s efforts to become the leading European center for offshore RMB were also top selling points ”, commented by President Tian during the proceedings.
Chinese ambassador to the Grand Duchy, Mr. Zeng Xianqi was also in attendance. He mentioned, “CMB’s implantation in Luxembourg as a joint-stock commercial bank shows the continuing cooperation and deepening ties between the two countries. Its future operations in and from Luxembourg will be conducive to China’s financial affairs in the Grand Duchy and in Europe as a whole. Meantime, this will consolidate Luxembourg’s position as an international financial center. It is a win-win collaboration. ’’
The bank initially employs 17 people, number which is expected to grow to 80 by the end of the year.