New tenant at Boulevard Royal

China Construction Bank (CCB) is to open its new Luxembourg head office at 1 Boulevard Royal this coming November.

CCB announced last September that it would open a branch in the country, having been attracted to what chairman Wang Hongzhang described as the Grand Duchy's “stable economic environment, regulatory framework quality and financial services”.

Headquartered in Beijing, China Construction Bank Corporation has been operating for nearly 60 years. The Bank has been listed on Hong Kong Stock Exchange since October 2005 and on the Shanghai Stock Exchange since September 2007. At the end of 2012, the market capitalisation of the Bank reached US$200 billion, ranking second among listed banks in the world.

CCB is to be based at 1 Boulevard Royal for an initial period of 12 years, according to real estate developer Ikogest.

The site was formerly occupied by Swiss private bank Pictet & Cie and has been undergoing renovations since September last year.