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Bank of China becomes operational in Pakistan, first branch in Karachi

The BoC was allowed to commence banking business in Pakistan on September 19 this year

ANI  |  Beijing (China) 

china, flag, Pakistan, Pak
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The Bank of (BoC) became operational in as it inaugurated its first branch in on Tuesday.

Emphasising that it was "a great honour" for the bank to be launched in Pakistan, Chairman Chen Siqing noted that the branch was its first in

The Dawn quoted him as saying that the bank would strengthen the "brotherly relations" between the two countries in the financial sector.

Siqing also highlighted that the bank could help effectively reap the benefits of Beijing's economic prosperity.

Welcoming the bank to Pakistan, State Bank of (SBP) Governor Tariq Bajwa, said that the increased diversity of foreign banks would increase the country's economic resilience.

He also expressed hope that would learn from BoC's expertise in the small and medium enterprises sector.

Speaking during the launch, Acting Chinese Ambassador to Zhao Lijian said that the opening of the bank "marked the confidence of the Chinese corporate sector in Pakistan's economic situation."

President Mamnoon Hussain, who was also present on the occasion, expressed confidence that the newly-launched bank will help accelerate infrastructure development and overall economic growth of the country.

He termed the BoC's arrival to a "memorable event in the everlasting friendship between and China".

President Hussain assured the of the continued support of the government and State Bank of in expanding its operations in the country.

The was allowed to commence banking business in on September 19 this year.

This is the second which has been allowed to operate in The State Bank of had issued a license to in May 2017.

The Industrial and Commercial Bank of (ICBC) has already opened two of its branches in and and is providing various services, including corporate finance, investment banking, foreign deposits, project loans, and working capital loans.

First Published: Tue, November 07 2017. 18:26 IST