China-based Bank of Communications Company Limited (BOCOM) has expanded its global reach by setting up in Dubai International Financial Centre (DIFC), according to a press release.

Bank of Communications has launched its new office in DIFC to promote economic, trade and investment cooperation between China and the Middle East, Africa, and South Asia (MEASA) region. It marks the fifth largest bank in China and the fifth Chinese lender to open an office in DIFC.

The bank was founded in 1908 and is listed on the Hong Kong and Shanghai Stock Exchanges. As of June 2024, its overseas institutions’ assets were RMB 1.24 trillion, which weighed 8.79% of total assets.

Currently, Bank of Communications 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 Bank of Communications, commented: “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: “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.”

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