Agricultural Bank of China Dubai Branch (RMB Clearing Bank in the UAE)

The Agricultural Bank of China Dubai Branch was officially established on May 10, 2017, and is designated by the People’s Bank of China as the RMB clearing bank in the UAE.

Establishment

On June 30, 2015, the former China Banking Regulatory Commission issued the "Approval of the China Banking Regulatory Commission on the Establishment of the Dubai Branch of the Agricultural Bank of China," agreeing to the establishment of the Dubai Branch. On November 21, 2016, the Central Bank of the UAE granted a wholesale banking license to the Agricultural Bank of China, allowing it to establish a wholesale bank in the UAE. On December 9, 2016, the People’s Bank of China issued an announcement authorizing the Agricultural Bank of China Dubai Branch to serve as the RMB clearing bank in the UAE. The Dubai Branch officially opened on May 10, 2017, with an operating capital of USD 100 million. It holds an onshore wholesale banking license and is regulated by the UAE Central Bank under a "quasi-subsidiary" framework. It is the first and currently the only overseas RMB clearing bank of the Agricultural Bank of China. 

Services

The Agricultural Bank of China Dubai Branch is committed to serving trade and investment between China and Middle Eastern countries. It provides services to Chinese “Going Global” and Belt and Road enterprises, high-quality local corporates in the UAE, as well as financial institution clients. The branch offers deposits, settlements, trade finance, working capital loans, syndicated loans, issuance of letters of credit and guarantees, and foreign exchange transactions in major currencies including RMB, AED, USD, and EUR. It can also undertake interbank risk participation, joint trade finance, RMB clearing, interbank lending, foreign exchange transactions on behalf of clients, and RMB purchase and sale.

In addition, relying on ABC’s global financial service network and its advantages as an RMB clearing bank, the Dubai Branch promotes the wider use of RMB in trade and economic exchanges between China and the Middle East, and provides clients from both regions with high-quality, comprehensive financial services.

Team

The Dubai Branch currently has the following departments:HR& Admin, Corporate Banking, Financial Markets, Finance & Accounting, Risk Management, Legal & Compliance, Operations Management departments and IT department. Additionally, it has an Internal Audit team. Employees come from China, the UAE, India, and Pakistan.