Bank of China (Luxembourg) has selected CACEIS, a member of the Crédit Agricole Group, to provide custody, depositary, fund administration, fund distribution and other related asset services to its Luxembourg RMB RQFII Ucits fund.
The agreement with CACEIS follows Bank of China (Luxembourg) SA’s recent approval from the Chinese financial to take advantage of the RMB50bn ($8bn) RQFII investment quota granted to Luxembourg in April 2015.
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The approval enables the RMB RQFII Ucits fund to access the RMB35.3 trillion Chinese Interbank Bond Market (CIBM).
Bank of China (Luxembourg) CEO Lihong Zhou said: "We believe this venture will enable us to significantly advance our goal of building up our own asset management platform whilst bringing great value to both our entities.
CACEIS deputy CEO Joseph Saliba said: "As a leading European asset servicing provider, CACEIS will leverage its extensive market experience to ensure that Bank of China (Luxembourg) SA is able to invest its Renminbi quota securely and effectively, distribute its products efficiently and provide professional reporting services to its investors."
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