China Construction Bank opens branch in Amsterdam

China Construction Bank (CCB), one of the largest commercial banks in China, announced Tuesday the opening of its branch in the Dutch capital of Amsterdam.

"The CCB's presence in Amsterdam demonstrates our confidence in the prospects for the economic, trade and financial cooperation between China and The Netherlands, representing a steady move and part of the CCB's global growth," Chairman of the CCB Supervisory Board Guo You said.

"As part of the key target market of the CCB's overseas expansion, The Netherlands enjoys pleasant surroundings, a sound ecosystem, a developed economy, vibrant trade activities and a good investment environment," Guo said.

"Amsterdam, known as a financial and business hub in The Netherlands, has abundant financial resources, an excellent investment climate and world-class talents," he added.

According to the banker, the CCB has always considered Europe as its important market for overseas cooperation and development. Since the establishment of CCB Europe in 2013, the bank has expanded its network in The Netherlands, France, Spain and Italy, based on the platform of CCB Europe.

"All these branches have completed their registrations and will open today simultaneously," Guo said.

Founded in 1954, the CCB registered a total asset of 17 trillion yuan (2.74 trillion U.S. dollars) and a profit of more than 67 billion yuan (10.8 billion dollars) by the end of March this year.

In 2014, it ranked the second in Forbes' 12th annual Global 2000 ranking of the biggest, most powerful and most valuable companies in the world.

Amsterdam Mayor Eberhard van der Laan welcomed the presence of the CCB in his city, which he said is "a place where sharp business is done with an open mind."

"Amsterdam, as a European hub, has the ambition to belong to the top five regions in Europe by 2020," Van der Laan said. "With the arrival of Chinese companies such as China Construction Bank, Amsterdam is a step closer to achieving this ambition."

"The presence of the CCB in Amsterdam is a sign of the importance of the trade relations between China and The Netherlands. In the coming years, this relationship will become even more significant," he added.

Chen Xu, Chinese ambassador to The Netherlands, said that by opening a branch in Amsterdam, the CCB has done a right thing with a right partner at a good time and a right place.

It is a good time because China has proposed the development initiative of "One Belt, One Road," which focuses on building the connectivity and cooperation among countries in Asia and Europe, Chen said.

"China's proposal of establishing the Asian Infrastructure Investment Bank (AIIB) has won widespread support. Yesterday (on Monday) in Beijing, representatives from more than 50 countries, including The Netherlands, signed an agreement on AIIB," said the Chinese diplomat.

"Another important area that China and The Netherlands can work in together is production capacity. China is ready to exploit tripartite cooperation with a view to combining the manufacturing advantages of China, the advanced technologies and knowhow of developed countries, including The Netherlands, and the infrastructure needs of developing countries. Such cooperation will be a win-for-all," he added.

The Chinese ambassador said that, with its resources, expertise and pioneering spirits, the CCB Amsterdam branch will play an important role in promoting bilateral relations between China and The Netherlands.

Commissioner of The Netherlands Foreign Investment Agency (NFIA) Jeroen Nijland said that China's investments and The Netherlands share the common character of "being international".

According to NFIA figures, China is the second largest investor in The Netherlands, following the United States and ahead of South Korea and India.

By the end of 2014, after more than a decade of solid investment growth, 500 Chinese companies had set up operations through greenfield projects in The Netherlands, amounting to more then 800 million euros (890.8 million dollars) in capital and employing more then 8,000 people.

A total of 28 Chinese enterprises have put some 190 million euros (211.5 million dollars) into greenfield investments last year, creating 500 new jobs in The Netherlands.

"The CCB's opening branch here is not only an illustration of this international economy but also an impulse as well of its development," said Nijland.

"As the Dutch central bank stated in a research report, foreign banks substantially boost foreign direct investment by non-financial firms, notably from the same home country," Nijland added. Endi