KARACHI: State Bank of Pakistan (SBP), giving the approval to the Bank of China Limited (BCL), has allowed commencement of banking business in Pakistan.
Earlier, SBP had issued a banking license to the bank in the month of May this year and the BCL had complied with the important regulatory and operational requirements of SBP necessary to commence banking business in Pakistan.
The Bank of China is a subsidiary of China Central Huijin, which is the investment arm of the government of China. The bank is the 4th and 5th largest global bank in terms of tier-1 capital and total assets respectively.
It was also listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. Globally, the footprint of BCL is spread across 50 countries, out of which nineteen are located across China’s “One Belt-One Road” initiative.
It is also the second Chinese bank to enter in Pakistan.
The BCL’s entry into the country will not only further strengthen the bilateral relationship between Pakistan and China but will also represent growing confidence of international investors in the country’s banking sector and will present stable economic outlook.
In Pakistan, the bank aims to provide specialised banking services to serve the financing needs of China Pakistan Economic Corridor (CPEC) related projects by leveraging its experience and global technology platform.
[…] Source: Google News […]
its is very good news wellcome bank of china and thanks to govt of pakistan and state bank of pakistan.i am banker and i have dream to work with bank of china team
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