Bank of Communications Co. Ltd. (BOCOM), one of China’s largest financial institutions, has opened a new branch in the Dubai International Financial Centre (DIFC), marking its entry into the Middle East, Africa, and South Asia (MEASA) region. BOCOM is the fifth Chinese bank to establish a presence in the DIFC, highlighting the growing economic and trade ties between China and the UAE.
Founded in 1908, BOCOM is a Global Systemically Important Bank and the fifth-largest bank in China. Listed on the Hong Kong and Shanghai Stock Exchanges, it was ranked ninth globally in Tier 1 capital by The Banker. As of June 2024, BOCOM’s overseas institutions managed assets totalling RMB 1.24 trillion, accounting for 8.79% of the bank’s total assets. The DIFC branch will promote economic, trade and investment cooperation between China and the MEASA region, leveraging Dubai’s strategic position as a hub for global commerce.
“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,” said Jiming Xu, Chairman of the Board of Supervisors of BOCOM. “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.”
China-UAE collaboration
The opening coincides with the 40th anniversary of diplomatic relations between the UAE and China and the 20th anniversary of DIFC’s establishment. China is Dubai’s largest trading partner, and the DIFC branch will facilitate further economic collaboration under the comprehensive strategic partnership between the two nations. Currently, more than 45 Chinese corporations operate within the DIFC, and the Centre has attracted growing interest from other Chinese financial institutions.
“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,” said Arif Amiri, CEO of DIFC Authority. “They now join an integral part of the thriving ecosystem of more than 230 banks, including 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.”
The new branch enhances BOCOM’s international network, which spans six continents and includes 24 overseas institutions. Other Chinese banks with regional headquarters in DIFC include the Agricultural Bank of China, Bank of China, China Construction Bank Corporation, and Industrial and Commercial Bank of China.
With its new presence in DIFC, BOCOM aims to leverage Dubai’s strategic location to serve its growing client base and capitalise on the increasing economic integration between the UAE and China.
