Yves Maas, Chairman of the Luxembourg Bankers’ Association (ABBL) and Runzhong Huang, Secretary General representing the China Banking Association (CBA) have signed a Memorandum of Understanding (MoU) between the two banking associations on 26 September 2017.
Yves Maas, currently on a financial mission with a delegation led by the Minister of Finance of Luxembourg, pointed out that “the Luxembourg and the Chinese banking sector have a longstanding relationship. In fact, the very first Chinese branch set up outside China more then 35 years ago was the Bank of China Luxembourg Branch. Since, six more Chinese banks have chosen Luxembourg as their European Hub. We are therefore particularly honoured to further develop these relations through the MoU we agreed on today with our partners of the China Banking Association”.
Runzhong Huang, the secretary general of China Banking Association, pointed out that “Luxembourg is a major financial centre in Europe, and Chinese banking sector always value the good relationship with Luxembourg banking sector. To deepen international communication, and promote the steady development of banking business, we wish to establish a long-term cooperation mechanism with ABBL for win-win and mutual development”.
The agreement aims at establishing a regular communication and information sharing between the two banking associations as well as at jointly organising professional events. ABBL and CBA will exchange on all aspects of the banking industry, including but not limited to the latest development of regularly frameworks and sound practices for investor protection.
The two associations also intend to provide mutual and beneficial education and training to the relevant members of the associations, in particular in subjects of common interest and where bridges for collaboration between the associations’ respective financial centres can be made.
ABBL and CBA recognising the importance of strengthening the relationship between the European Union and Asia, will also share information on market development, trends, figures and news in China, Luxembourg and the EU.