(10 August 2017 – Europe) China Everbright Bank has become the latest Chinese lender bank to make Luxembourg its European headquarters, amid Britain's exit from the European Union, and competition between the Continent’s financial hubs.
Beijing-based China Everbright Bank announced that it has received approval from Luxembourg regulators to set up a subsidiary there.
China Everbright Bank's expansion follows in the footsteps of six other Chinese banks – Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, China Merchants Bank, and Industrial and Commercial Bank of China, all of which have made Luxembourg a key location of their European operations.
China Everbright Bank was established in 1992 with operations in corporate, treasury, investment banking, wealth management and mortgage businesses.