Pakistan News Service

Monday Oct 23, 2017, Safar 2, 1439 Hijri
Logo Logo
LATEST :
Pakistan News Home -> Top -> News Details

BoC allowed to commence banking business in Pakistan

19 September, 2017

  Related News  
Shahid Khaqan Abbasi to meet US Vice President today
Kulsoom Nawaz unofficially won NA-120 election
  More on this View All

KARACHI: The Bank of China (BoC) has been allowed to commence banking business in the country, said the State Bank on Monday. This is the second Chinese bank which has been allowed to operate in Pakistan.

Earlier, the Industrial and Commercial Bank of China (ICBC) opened two branches in Karachi and Islamabad on May 20, 2011. The ICBC provides various services including corporate finance, investment banking, foreign deposits, project loans, and working capital loans.

“In Pakistan, the BoC aims to provide specialised banking services to serve the financing needs of China-Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platform,” said the SBP.
Advertisement

Earlier in May, the State Bank had issued a licence to BoC. The BoC has complied with the important regulatory and operational requirements necessary to commence banking business in Pakistan.

The BoC is a subsidiary of China Central Huijin, the investment arm of the Government of China.

The BoC is the 4th and 5th largest global bank in terms of tier-1 capital and total assets, respectively. It is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.

Globally, the footprint of BoC is spread across 50 countries out of which 19 are located across China’s One Belt One Road initiative.

“The BoC’s entry into Pakistan will not only further strengthen the bilateral relationship of Pakistan and China but will also represent growing confidence of international investors on the country’s banking sector and the stable economic outlook,” said the SBP. Habib Bank Limited is the first Pakistani bank which has recently opened a branch in the industrial city of Urumqi, China.

 What do you think about the story ? Leave your comments!

Heading (Optional)
Your Comments: *

Your Name:*
E-mail (Optional):
City (Optional):
Country (Optional):
 
 
Field marked(*) are mandatory.
Note. The PakTribune will publish as many comments as possible but cannot guarantee publication of all. PakTribune keeps its rights reserved to edit the comments for reasons of clarity, brevity and morality. The external links like http:// https:// etc... are not allowed for the time being to be posted inside comments to discourage spammers.

  Speak Out View All
Military Courts
Imran - Qadri long march
 
Candid Corner
Exclusive by
Lt. Col. Riaz Jafri (Retd)
Pakistan itself a victim of state-sponsored terrorism: Qamar Bajwa
Should You Try Napping During the Workday?
Suggested Sites