On the morning of January 17, 2011, Industrial and Commercial Bank of China (ICBC) announced in Luxembourg that its five branches – Paris, Brussels, Amsterdam, Milan and Madrid – were formally opened for business. ICBC also announced it had officially renamed its 100%-owned subsidiary in Luxembourg, ICBC Luxembourg S.A. to ICBC (Europe) S.A. which will serve as a headquarter for the 5 branches. So far, ICBC has owned branches in 9 European countries, including Germany, Luxembourg, UK, Russia, France, the Netherlands, Belgium, Italy and Spain, and established a relatively complete operating network. After opening, ICBC branches in the five EU countries will deliver universal financial services like deposits, loans, settlements, trade finance and investment banking to Chinese and European customers, and act to promote the economic, trade and investment relations between China and Europe. ICBC Chairman Jiang Jianqing said at this occasion that ICBC has always paid much attention to the strategic significance and long-term growth potential of the European market.