(Yicai Global) Aug. 16 -- Following its receipt of official approval from the European Central Bank, China Everbright Bank Co. (Europe) Ltd. (CEB Europe) started its operations on the continent on July 31.
CEB Europe's parent, China Everbright Bank Co. (CEB), has applied to headquarter it in Luxembourg, China News Service reported.
After opening its Hong Kong Branch in 2013, China Everbright Bank set up its first foreign branch, CEB Seoul Branch, and its first overseas subsidiary corporation, CEB International Investment Corp. The China Banking Regulatory Commission (CBRC) also gave the green light at the start of the year to CEB's plan to establish an affiliate in Sydney, Australia. The overseas strategic distribution of China Everbright Bank has thus begun to take shape.
Against the backdrop of stiffening supervisory administration in the US and Europe, CEB's European and Luxembourg branches are reportedly the first Chinese-funded banks the European Central Bank has approved after issuing new access policies for foreign-funded banks.