By the end of 2015, the total assets of ICBC’s institutions in Europe (including ICBC (Europe) and Luxembourg Branch) had exceeded USD 23 billion, increasing over ten-fold compared with 2010, with the compound annual growth rate of post-provision profit breaking above 65% in five years. The European institutions maintained zero-NPL records while realizing high-speed growth.

ICBC (Europe) came into being from its predecessor ICBC Luxembourg S.A. on January 1, 2011, and along with Luxembourg Branch (established in 1999) is ICBC’s operating organization in Luxembourg. By leveraging the advantages in diversified licenses, the two institutions operate with the same staff. During the year it was founded, ICBC (Europe) opened branches in five European countries, all of which made profits within six months of opening. Its business network has now covered major cities across Europe including Paris, Amsterdam, Brussels, Milan, Rome, Madrid, Barcelona and Warsaw. The Branch will continue to step up business coverage in major areas of Europe, further improve and optimize its network layout, consolidate advantages and further enhance service capacities.

In the five years since its establishment, ICBC (Europe) has seen steady growth in its assets and substantial increase in operating profits by adhering to the notion of “localized operation and distinctive development”. Its customers include not only Chinese enterprises in Europe, but also most of the Fortune Global 500’s local operations and leading players of local industries. In addition, by consistently exploring new business development models, ICBC (Europe) has gradually built four featured product lines – investment banking, private banking & asset management, global cash management and RMB business, while maintaining rapid growth in conventional commercial banking business. It is the first among its peers to have obtained the qualifications for RQFII and investment in China’s interbank bond market, and the license for European investment funds; it is also the first Chinese bank that has issued an RQFII bond fund and SIF, a global wealth management fund for private banking customers. ICBC (Europe) was awarded the “Best Bank in Luxembourg” by Euromoney for recognized performance in the European market in 2014, the first time the award ever going to an overseas institution of a Chinese bank.