China Everbright Bank (Europe) S.A. and China Everbright Bank Luxembourg Branch officially started their business operations on Friday.
It was hailed by the bank as a crucial step in implementing the Belt and Road Initiative, as well as the expansion of its European network layout.
The "Forum for Belt and Road initiative and Investment of Chinese Enterprises in Europe", organized by China Everbright Bank, was also held Friday in Luxembourg to mark the official opening of China Everbright Bank (Europe) S.A. and China Everbright Bank Luxembourg Branch.
Xavier Bettel, prime minister of Luxembourg, Pierre Gramegna, Luxembourg's minister of finance, Claude Marx, Director General of CSSF (Commission de Surveillance du Secteur Financier), Huang Changqing, Ambassador of Chinese Embassy in Luxembourg, Tang Shuangning, chairman of China Everbright Group and China Everbright Bank, along with representatives of Luxembourg government, business industries and financial institutions attended the forum and the opening ceremony.
Tang in his greeting speech said that CEB Europe S.A. & CEB Luxembourg Branch are the very first subsidiary and branch of China Everbright Bank in Europe, making CEB the seventh Chinese bank in Luxembourg.
The entities will both focus on corporate banking business, expanding at their full stretch in business in terms of loan and deposit, remittance, international settlement, trade finance and money market etc, according to bank executives. Taking hold in Luxembourg as a hub, CEB is reaching out to the whole Europe with cross-border financial services.
Following the trend of the increasingly deepened Sino-European cooperation, CEB is also aiming to offer integrated services towards Sino-Luxembourg and Sino-European investments, economic and trade cooperation.
CEB ranks 149th in Forbes 2000 in 2017. Since 2014, The Bank has been promoting its overseas development strategy.