Chinese bank announces opening of four branches in Europe

French Prime Minister Manuel Valls (R) and Chinese Prime Minister Li Keqiang unveil a board for the launch of a branch of the China Construction Bank in Paris during an agreement signing ceremony at the Hotel Matignon, on June 30, 2015 in Paris.[Photo/Agencies]

PARIS - China Construction Bank (CCB), one of the largest Chinese banks, announced on Tuesday in Paris its opening of four branches in Europe.

These branches are located in Paris, Amsterdam, Barcelona and Milan, Wang Hongzhang, Chairman of the Board of Directors of CCB said, noting that their opening constitutes an important step towards internationalization of CCB.

Wang said CCB's European branches will, in short and medium term, focus on providing services for Chinese enterprises and European companies.

Wang noted that CCB branches in Europe will, among others, cover the commercial financing, bank deposit and cash transactions.

Muriel Penicaud, head of Business France, a governmental agency for the international development of the French economy, said at the opening ceremony that the opening of CCB's branch in Paris reflects the deepening of franco-Sino relationship.

By the end of the first half of 2015, the volume of CCB's assets reached 17,480 billion yuan and its profits amounted to nearly 67.13 billion yuan.