ABBL and China Banking Association have signed a Memorandum of Understanding on Tuesday 26 September.Pictured: The signing of the last collective agreement on 22 June between ABBL and OGBL-SBA, LCGB-SESF and Aleba. Yves Maas is in the centre. Mike Zenari

ABBL and China Banking Association have signed a Memorandum of Understanding on Tuesday 26 September.Pictured: The signing of the last collective agreement on 22 June between ABBL and OGBL-SBA, LCGB-SESF and Aleba. Yves Maas is in the centre. Mike Zenari

The first Chinese bank outside China was established in Luxembourg 35 years ago. There are now 6 other Chinese banks in Luxembourg, the latest being China Everbright Bank.

The agreement aims to establish regular communication and information sharing between the two banking associations. They will also organise professional events. ABBL and CBA will exchange on all aspects of the banking industry, including on the latest developments 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,” the press statement explains. They will also share information on market development, trends, figures and news in China, Luxembourg and the EU.