Bank of China, one of the world’s leading financial institutions, and DME, the premier international energy futures and commodities exchange in the Middle East, today signed a Memorandum of Understanding (MoU) to strengthen their cooperation in offering innovative finance solutions to their mutual customers.
Bank of China and DME will work together to examine the feasibility of creating new financial products together and will explore new financing solutions to support their mutual customers in the Middle East and Asian markets. The two institutions will also promote the development of close links between the financial and trading communities in Dubai and China.
Bank of China established a subsidiary, Bank of China Middle East (Dubai) Limited, in 2012 in order to service the growing business links between the UAE and China. DME’s Oman crude oil futures contract is heavily used by energy companies across Asia to manage their price risk and to procure physical crude oil supplies.
Chu Furong, Executive Manager, Financial Institutions, Bank of China, said: “Bank of China is pleased to be working closely with DME to develop solutions that can benefit our mutual customers. Both Bank of China and DME are well placed to build on the recent strong growth in trading activity between Middle East and Asia and we look forward to further beneficial cooperation.”
Christopher Fix, Chief Executive of DME, said: “This MoU with Bank of China reflects DME’s determination to develop additional products and services that can benefit our growing customer base in Asia. DME is proud to be working with such a prestigious partner as Bank of China and we are excited about the opportunities that will follow from this initial agreement.”