Agricultural Bank of China (ABC) held an opening ceremony for its Dubai Branch. As ABC’s first branch in the Middle East and North Africa (“MENA) region, the Dubai Branch extends ABC’s global presence and marks a significant milestone in ABC’s global strategy.
Mr. ZHAN Jingbao, People’s Republic of China Counsel-General to Dubai, Mr. CHE Yingxin, Chairman of ABC’s Board of Supervisors，Mr. Gerald Santing, Market Managing Director of Dubai Financial Services Authority (“DFSA”), Mr. Jeff Singer, CEO of Dubai International Financial Centre “DIFC” Authority and other distinguished and local guests attended the ceremony held in the Grand Hyatt Hotel in Dubai.
Located in the DIFC and regulated by the DFSA, 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.
