26 March 2013

Agricultural Bank of China Opens Branch in Dubai

25 March 2013 - Agricultural Bank of China (ABC) has opened a new branch located in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA)

As ABC’s first branch in the Middle East and North Africa (MENA) region, the Dubai Branch will engage in lending, deposit-taking, trade finance, treasury and other banking services. As ABC’s initial operating platform in the MENA region, the Dubai Branch will capitalize on ABC’s extensive financial resources, strong global network and solid infrastructure to provide premium financial services to its clients, including multinational corporations and financial institutions. 

ABC is one of the largest banks in China, with the most extensive domestic branch network. In addition to Dubai, the bank has overseas branches in New York, Hong Kong, Singapore and Seoul, a wholly-owned subsidiary in the United Kingdom, and representative offices in Tokyo, Frankfurt, Sydney, Hanoi and Vancouver. In 2012, ABC ranked No.84 in Fortune’s Global 500, and ranked No.10 in The Banker’s “Top 1000 World Bank’s” list, ranked No.6 in the global bank in terms of market capitalization. 

The establishment of ABC’s branch in Dubai will significantly enhance ABC’s ability to provide global financial services to its customers. The Dubai Branch endeavors to facilitate Sino-MENA economic and trade investment and to promote financial communication and cooperation with a view to effectively drive ABC’s global strategy. 

Source: DIFC