China Construction Bank to set up in Luxembourg

The China Construction Bank is to set up its European base in Luxembourg, the latter's Finance Minister Luc Frieden announced on Monday.

The third Chinese lender to move into the low-tax statelet sandwiched between Germany and France, CCB follows the Bank of China and the Industrial and Commercial Bank of China in sealing terms. A fourth, the China Merchants Bank, also announced its intended arrival earlier this year.