CCB opens subsidiary in Dubai

China Construction Bank Corp, the world's second-largest lender by market value, announced on Monday the opening of its Dubai subsidiary, its first overseas institution in the Middle East.

The subsidiary, China Construction Bank (Dubai) Ltd, will be able to provide services, including deposits and lending, project and trade financing, investment and financial consultancy, the bank said in a press release.

"The establishment of the institution marks substantial progress in CCB implementing its overseas development strategy," said Wang Hongzhang, bank chairman.

The subsidiary will focus on Chinese clients in the United Arab Emirates, especially large enterprises and high-end customers.

CCB set up another subsidiary in Russia this March. It got a green light for branches in Taipei and San Francisco earlier this year, and is working on plans to set up institutions in Toronto, and Luxembourg.