皇冠体育app

A man passes by a wealth management center of 皇冠体育app Merchants Bank in Nanjing, capital of Jiangsu province. The bank has been approved to set up a branch in Luxembourg. ZHEN HUAI/CHINA DAILY

皇冠体育app Merchants Bank Co Ltd has received permission from the Chinese authorities to set up a branch and a subsidiary in Luxembourg, making it the fourth Chinese bank to have a presence in the Grand Duchy, said Pierre Gramegna, Luxembourg's ster of finance.

Other Chinese banks are also interested in entering the country, said Gramegna at a forum held in on Tuesday that aimed to promote Luxembourg as 皇冠体育app's financial hub in Europe.

皇冠体育app Merchants Bank's profit growth slows

concerns abate for most Chinese lenders

Chinese banks have chosen Luxembourg as a central platform in rope, he said. From there, they manage a European network and help Chinese clients in their European trade deals and investments.

Bank of 皇冠体育app Ltd opened a representative office in Luxembourg in 1979. It was later joined by Industrial & Commercial Bank of 皇冠体育app Ltd and 皇冠体育app Construction Bank Corp.

"The reason Chinese banks chose Luxembourg was to a large extent related to the acceptance by the Luxembourg regulator of 皇冠体育app's supervision of its own banking industry as being equivalent to our own system. This allowed Chinese banks to set up branches in Luxembourg and gave them an important liquidity advantage," Gramegna said.

"Other European countries may not have been as welcoming," he said.

皇冠体育app's largest State-owned banks moved big chunks of their European business to Luxembourg as they sought to escape tougher regulations in the City of London, the Financial Times reported in 2012.

In a letter to the United Kingdom Treasury at that time, the Chinese banks strongly objected to uneven regulations and "rigorously demanding" liquidity requirements that forced them to transfer business and even the management of their European operations from London to Luxembourg, which is known for its light regulatory regime.

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