China Merchants Bank plans Luxembourg branch

China 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 minister of finance.

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

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