Bank of China begins ops in Pak, opens first branch in Karachi

The Bank of China today formally launched its operations in Pakistan as it opened its first branch in the country's commercial capital Karachi.
The inauguration ceremony was performed in the capital Islamabad by President Mamnoon Hussain.
Bank of China Chairman Chen Siqing, State Bank of Pakistan Governor Tariq Bajwa and China's Acting Ambassador to Pakistan Zhao Lijian were also present on the occasion.
Hussain said the bank's launch was a memorable event in the "everlasting friendship" between Pakistan and China, according to an official statement.
"China has emerged as a major investor and partner for Pakistan with great prospects of materialising the possibilities of development in both countries," he said.

The president said the opening of the bank indicated that the benefits of the China-Pakistan Economic Corridor (CPEC) would soon start reaching the masses.

He termed Pakistan as a "natural hub" for regional trade activities because of its location at the crossroads of Central Asia, West Asia and the Middle East, while CPEC had further increased its importance.
Siqing said the Karachi branch of the China Bank was the first in South Asia and it would strengthen economic relations between the two countries.
The Bank of China, which was formally established in February 1912, was transformed into a wholly state-owned commercial bank in 1994, according to the information on its website.