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Luxembourg chosen for ICBC European center

Luxembourg chosen for ICBC European center

(31 May 2013 – China) The Industrial and Commercial Bank of China (ICBC), China’s largest bank, plans to establish a renminbi (RMB) cross-border business center in Luxembourg to cover Europe.

ICBC has been spurred on by a massive successful US$1.7 billion (A$1.75 billion) in RMB trade last year.

Head of Financial Markets Department of ICBC (Europe), Xu Zhi, said that ICBC (Europe) last year generated a combined total of RMB25.9 billion (A$4.3 billion) in RMB cross-border transaction.

Based in Luxembourg, ICBC (Europe) operates a network that covers major European cities including Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon.

During the first four months of this year, ICBC (Europe) recorded RMB17.5 billion on the financing of cross-border trade and RMB16.4 billion on cross-border transactions.

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