Bank of China to Expand its Presence In UAE

Published Date : Jul 09, 2015

Earlier this year in March, Bank of China opened a branch in Abu Dhabi, with an aim of having its presence in the economy of UAE and boost the trade ties between China and UAE. Bank of China is the second bank to have received license from the Industrial and Commercial Bank of China and the UAE Central Bank. The Bank of China also finances projects under One Belt, One Road strategy, adopted by China to revive the old Silk Route representing the trade relations of the country with dozens of other countries located across Europe and Central Asia. 

China shares a prospering bilateral relation with the United Arab Emirates, and the volume of their bilateral trade reached to a whopping US$54.8 billion last year, according to the latest reports published in this regard. As the ties between the countries became stronger, the Bank of China wanted to expand their finance and network across Chinese as well as local companies in the UAE. This information was shared by the General Banaher of the Abu Dhabi Branch of the Bank of China, Tian Jun. 

Bank of China boasts the longest history of operations in China. It has its networks spread across different industry verticals such as insurance, commerce, investment, and aircraft leading sectors and through its operations the bank has listed two billion Chinese Yuan worth of bond on Nasdaq Dubai last week. 

According to sources, the capital raised by the bank will be used to support the cross border trade and infrastructure activities of China across the regions encompassed within the “One Belt, One Road” strategy of the country. 

The Bank aims to provide financial services along the stretch of countries covered under China’s “One Belt, One Road”. Currently the bank has a total of 17 subsidiaries, branches, and offices along the belt and it has plans to expand considerably in the near future. Inside sources revealed that the Bank of China has plans to extend its operation across 50 per cent of the 65 countries located under the Belt.