BEIJING - The Bank of China, the nation's third-largest bank by market value, announced Wednesday that it will open its first subsidiary in Dubai.

Bank of China Middle East (Dubai) Co Ltd is BOC's first entity to become eligible to offer financial services in the Middle East. BOC previously had representative offices in Dubai and Bahrain.

According to BOC's statement, the new subsidiary has the highest level of permission to offer financial services in the Middle East, which means it will be able to provide all-around financial services, including deposit, project and trade financing, asset management and financial consulting.

BOC said it hopes the new branch will facilitate business and trade between China, the Middle East and north African countries.

BOC has a presence in 35 countries, as well as Hong Kong, Macau and Taiwan. It also has cooperation deals with nearly 1,500 banks in 179 countries.