Bank of China (BOC), China’s second largest lender by assets, has opened a subsidiary in the United Arab Emirates.

BOC Middle East is the banks first retail banking arm in the Middle East.

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The bank said: "BOC Middle East will, based on the overall advantages of BOC’s global network, commit itself to building of a more direct and convenient bridge of financial services for economic and trade activities among China, United Arab Emirates and other Middle Eastern and North African countries."

BOC Middle East will offer financial services including deposit, project and trade finance, investment agent, investing and financing consulting and arrangement, asset management and escrow arrangement services.

In December BOC opened its first representative office in Luanda, the capital of Angola.

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