Trésorier/Treasurer magazine - N°89 - April/May/June 2015 - (Page 9)
Interview with Mrs. Gao Ming, Chairwoman of ICBC's Luxembourg-based European
subsidiary, explains why the Chinese bank chose the grand duchy for its base and
outlines the group's strategy for the coming years.
- Why did ICBC select Luxembourg
as a base for operation in Europe?
Gao Ming: we opened in the Grand-Duchy in 1998 a representative office, which was upgraded to a branch a year later. In September 2006 the group set up the Luxembourg subsidiary - renamed ICBC Europe in 2011 - with the goal of further expanding
its network using the EU single banking passport. Soon after,
the bank opened branches simultaneously in Paris, Amsterdam,
Brussels, Milan and Madrid; Warsaw and Barcelona followed a
year later. We chose Luxembourg for its regional headquarters
because after having been active in the country for more than
15 years, we find it offers an attractive legal framework and
business environment with political and social stability, a wellregulated financial industry, a skilled multilingual and multicultural workforce in the sector, an advantageous tax regime,
Luxembourg is one of the
few remaining European
countries with an AAA
sovereign debt rating from all
the major agencies.
and a convenient geographic location. Not least, Luxembourg
is one of the few remaining European countries with an AAA
sovereign debt rating from all the major agencies. So far we have
found operating from a base here highly satisfactory.
- How do you manage effectively
all your branches around Europe?
Gao Ming: Our group benefit from a single management and
operating team while sharing with each other the advantages
of their various banking licences, local business resources and
a centralised business processing function. As the regional
headquarters, we act as a management centre and middle/
back office facility for our branches around Europe. Last year
we established credit examination, parameter and financial
management centres in Luxembourg. We plan to consolidate
all the financial reporting to the Luxembourg regulator and our
head office, the IT system and network management within our
European subsidiaries this year or next. Beside the centralised
processing business, we have three business centres in private
banking, investment banking and global cash management,
which support and guiding the various underlying branches in
these new business areas.
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°89 - APR
ICBC SETS STRATEGY
FOR EUROPEAN GROWTH
/ MAY / JUN 2015
Table des matières de la publication Trésorier/Treasurer magazine - N°89 - April/May/June 2015
Table of contents
FINANCIAL HIGHLIGHTS Luxembourg Tax News
Treasurers' kitchen nightmare
FATCA the next hassle for corporate treasurers?
Treasury is becoming much more...
One year on - EMIRage or EMIRate?
Making the most of trade reporting data
EMIR, where do we stand?
Surety bonds - gaining acceptance globally as performance security
The colour of money
Money Market Funds - adapting to a challenging landscape
Comment offrir un meilleur rendement monétaire dans un univers de taux bas?
A repolution - The new Repurchase Conditions
Finding a technology partner in a world of change
Raising your Cyber Security level with Cyber Threat Intelligence
15 MINUTES AVEC CBTI
THE RISK OBSERVATORY
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°89 - April/May/June 2015