Bank of Communications Co. Ltd. (BOCOM), one of the oldest financial institutions and first national state-owned joint-stock bank in China, has expanded its global presence by setting up in Dubai International Financial Centre (DIFC).
BOCOM is the fifth largest bank in China and the fifth Chinese bank to open an office in DIFC. Currently home to more than 45 Chinese corporates, DIFC has also received interest from a number of banks, securities firms from China and Hong Kong, who are looking to expand in the region.
The DIFC branch of BOCOM will be used to promote economic, trade and investment cooperation between China and the MEASA region by fully leveraging its regional advantages and the comprehensive strategic partnership between the two countries. Today, China stands as Dubai’s largest trading partner.
The opening coincides with the 40th anniversary of diplomatic ties between the UAE and China, as well as the twentieth anniversary of the establishment of DIFC.
BOCOM was founded in 1908 and is listed on the Hong Kong and Shanghai Stock Exchanges, identified as a Global Systemically Important Bank, and ranked ninth in the world’s Top 1000 Major Banks in terms of Tier 1 capital by The Banker magazine. As of June 2024, BOCOM’s overseas institutions’ assets were RMB 1.24trn, which weighed in 8.79% of total assets. Currently, BOCOM has established 24 overseas institutions, forming a service network covering six continents and major international financial hubs worldwide.
Jiming Xu, chairman of the board of supervisors of BOCOM, said: “DIFC is a leading international financial hub in the Middle East, Africa and South Asia region and BOCOM is privileged to be part of DIFC’s dynamic ecosystem. Leveraging DIFC’s strategic positioning, the Bank looks forward to exploring new opportunities driven by the region’s rapid growth and the expanding collaboration between China and the UAE.”
Arif Amiri, chief executive officer of DIFC Authority, said: “We are delighted to welcome Bank of Communications to DIFC at a time when the bank is seeking access to the vast opportunities that exist between the UAE and China. They now join an integral part of the thriving ecosystem of more than 230 banks, and 27 of the 29 globally systemically important banks who use DIFC as a platform to benefit from Dubai’s strategic time zone, supportive legal and regulatory environment, and access to the region’s largest pool of financial services talent. We look forward to driving the future of finance with the Bank of Communications.”
Other Chinese banks with regional headquarters in the Centre include Agricultural Bank of China, Bank of China, China Construction Bank Corporation and Industrial and Commercial Bank of China.
