- BOCOM becomes the fifth Chinese bank to open a DIFC office, joining the ranks of China’s top financial institutions.
- The new branch aims to bolster economic, trade, and investment cooperation between China and the MEASA region.
- Opening coincides with the 40th anniversary of UAE-China diplomatic ties and DIFC’s 20th anniversary.
Dubai, UAE; 27 November 2024: Bank of Communications Co. Ltd. (BOCOM), one of China’s oldest financial institutions and the first national state-owned joint-stock bank, has expanded its global presence by opening a branch in Dubai International Financial Centre (DIFC). DIFC, recognized as a leading global financial hub for the Middle East, Africa, and South Asia (MEASA) region, was selected by BOCOM for its strong legal framework and robust financial ecosystem.
BOCOM, ranked as China’s fifth-largest bank, is now the fifth Chinese bank to establish a DIFC office. Currently, DIFC hosts over 45 Chinese companies and continues to attract interest from other financial institutions in China and Hong Kong seeking regional expansion.
The new DIFC branch will drive economic, trade, and investment cooperation between China and the MEASA region, capitalizing on Dubai’s status as China’s largest trading partner and the strategic relationship between the UAE and China. The launch aligns with the 40th anniversary of UAE-China diplomatic relations and DIFC’s 20th anniversary.
Global Presence and Milestones
Founded in 1908, BOCOM is listed on the Hong Kong and Shanghai Stock Exchanges and is recognized as a Global Systemically Important Bank. It ranks ninth in The Banker’s Top 1000 Major Banks by Tier 1 capital. As of June 2024, BOCOM’s overseas assets totaled RMB 1.24 trillion, representing 8.79% of its total assets. The bank operates 24 overseas institutions, covering six continents and major financial hubs.
Leadership Perspectives
Jiming Xu, Chairman of the Board of Supervisors of BOCOM, remarked:
“DIFC is a leading international financial hub in the MEASA region, and BOCOM is privileged to join its dynamic ecosystem. Leveraging DIFC’s strategic position, we look forward to new opportunities driven by the region’s rapid growth and expanding UAE-China collaboration.”
Arif Amiri, CEO of DIFC Authority, added:
“We are delighted to welcome BOCOM to DIFC. They join a thriving ecosystem of over 230 banks, including 27 of the 29 globally systemically important banks. DIFC’s strategic location, regulatory environment, and talent pool provide a strong platform for their growth.”
Strategic Role in Regional Growth
BOCOM’s expansion in DIFC underscores Dubai’s importance as a gateway to global markets. The bank will benefit from DIFC’s world-class infrastructure, business-friendly policies, and strategic location. Other major Chinese banks with regional headquarters in DIFC include Agricultural Bank of China, Bank of China, China Construction Bank Corporation, and Industrial and Commercial Bank of China.
DIFC continues to play a pivotal role in Dubai’s economic growth, aligned with its Strategy 2030 and the Dubai Economic Agenda (D33). Its regulatory framework, dynamic ecosystem, and state-of-the-art infrastructure make it an attractive destination for global firms, facilitating expansion and connectivity across markets.
