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ICBC (Europe) Moves into the Group of RQFII Holders

On November 2nd , 2015, Industrial and Commercial Bank of China (Europe) S.A. (hereafter refers to as “ICBC (Europe)”) was granted the RQFII (RMB Qualified Foreign Institutional Investor) license by the China Securities Regulatory Commission. In April 2015, the Chinese government announced to extend the RQFII quota of 50 billion RMB to Luxembourg. As a major player of the cross-border RMB business in Europe, ICBC (Europe) made a quick decision to apply for the RQFII license and quota. As a result, it successfully moved into the first group of RQFII holders in Luxembourg.

According to the responsible person of the bank, ICBC (Europe) is about to launch new sub-funds within its current UCITS SICAV after being granted as the RQFII in Luxembourg, which will mainly invest in China’s onshore market and offer relevant asset allocation opportunities to the global investors.

Located in Luxembourg as the regional hub of ICBC group in Continental European countries, ICBC (Europe) was awarded “best bank in Luxembourg” by Euromoney in July 2014. In recent years, ICBC (Europe) has been providing various products and services, including cross-border settlement, deposit and loan, trade finance, RMB FX and Derivatives, offshore RMB bond issuance and RMB asset management by taking the opportunities and advantages of RMB internationalization and asset management in abroad. In 2014, ICBC (Europe) successfully launched the first sub-fund under its UCITS umbrella - China Opportunity RQFII Bond Fund, offering actively managed “China Concept” RQFII investment product to the European investors. In 2015, ICBC (Europe) launched first sub-fund under its SIF platform, which entitles itself to become the first Chinese bank involved in both UCITS and AIF world.