World’s Largest Lender ICBC Joins Dubai DGCX as a Settlement Bank

[kreslik.news]

The UAE’s commodities and currency derivatives bourse, Dubai Gold and Commodities Exchange (DGCX), said on Wednesday that Industrial and Commercial Bank of China Limited (ICBC), the world’s largest bank, has joined as a Settlement Bank for Dubai Commodities Clearing Corporation (DCCC) which is a wholly owned subsidiary of DGCX.

The partnership will now enable DGCX members to process their clearing obligations for the trades executed on the exchange with the major Chinese lender, underlining the expansion of the bank’s activities across the region as well as the growing financial relationship between Dubai and China.

With the addition of ICBC, DCCC has expanded ... (read more)