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ICBC, the Industrial and Commercial Bank of China, is the most profitable bank in the world and also the largest by market capitalisation. The group, which can boast 240 million customers, now wants to expand in Europe and has opened branches in five European countries. The bank has also renamed its Luxembourg subsidiary ICBC Europe. Luxembourg Minister of Finance Luc Frieden explained to the press why this is good news for Luxembourg. After the official opening of branches in Paris, Brussels, Amsterdam, Milan and Madrid, Finance minister Luc Frieden was proud to tell the press that Luxembourg will serve as the headquarters for ICBC business in Europe. It took him two years to convince the Chinese bank about the opportunities in Luxembourg. It is an enormous recognition for...
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