The Industrial and Commercial Bank of China (ICBC), China's largest commercial bank, has opened a branch in Luxembourg, the bank's seventh business agency abroad.

Jiang Jianqing, vice-president of the ICBC, said the bank has always attached importance to cooperation and trade in European countries, and provides a wide range of financial services.

The Luxembourg branch, which opened for business last Thursday, will not only engage in traditional banking services, but will expand its involvement in investment banking, project financing, euro bond issuance, and help domestic enterprises become listed on the Luxembourg stock exchange, he said.

The cooperation between China and the European countries has intensified in recent years, particularly following the emergence of the euro and rapid expansion of globalization, Jiang noted, adding that these factors also provide new opportunities and challenges for the banking world.

The new branch is expected to contribute still more to the cooperation between China and the Europe by providing efficient banking services, Jiang said.