Bank of Communications Opens DIFC Branch, Strengthening UAE-China Economic Collaboration

Bank of Communications Co. Ltd. (BOCOM), one of China’s oldest and largest financial institutions, has expanded its global footprint by establishing a branch in Dubai International Financial Centre (DIFC). Recognized as a leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, DIFC offers BOCOM a robust regulatory environment, strategic positioning, and a thriving financial ecosystem.

BOCOM, ranked as the fifth largest bank in China and ninth globally by Tier 1 capital, is the fifth Chinese bank to set up in DIFC. The Centre currently hosts over 45 Chinese corporates and numerous financial institutions from China and Hong Kong. BOCOM’s presence aims to strengthen economic, trade, and investment ties between China and the MEASA region, reflecting the growing collaboration between the UAE and China. Notably, the UAE is China’s largest trading partner in the region, and this year marks the 40th anniversary of their diplomatic relations.

The new branch coincides with the 20th anniversary of DIFC and will leverage Dubai’s strategic location and DIFC’s state-of-the-art infrastructure to promote regional growth. BOCOM Chairman Jiming Xu highlighted DIFC’s value as a financial hub, emphasizing the bank’s ambition to explore opportunities arising from the UAE’s rapid economic growth.

DIFC CEO Arif Amiri welcomed BOCOM to its network of over 230 banks, including 27 globally systemically important banks. He noted that DIFC’s regulatory framework, access to financial services talent, and strategic time zone make it an ideal platform for firms aiming to expand in the region.

Founded in 1908, BOCOM is listed on the Hong Kong and Shanghai Stock Exchanges and has a significant international presence, with 24 overseas institutions across six continents. As of mid-2024, the bank’s overseas assets stood at RMB 1.24 trillion, representing 8.79% of its total assets.

BOCOM joins other Chinese financial giants in DIFC, such as Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China. The move aligns with DIFC’s Strategy 2030 and the Dubai Economic Agenda (D33), both of which aim to boost Dubai’s global economic connectivity and financial influence.

News Source: Dubai Media Office