SBP allows commencement of banking business to Bank of China

Naimat Khan

KARACHI: State Bank of Pakistan (SBP) has allowed commencement of banking business to the Bank of China Limited, a spokesman of the central bank told on Monday.

“Earlier, SBP had issued a banking license to the bank in the month of May 2017. The Bank of China Limited has complied with the important regulatory and operational requirements of SBP necessary to commence banking business in Pakistan,” a statement issued by the State Bank reads.

According to spokesman, the Bank of China is a subsidiary of China Central Huijin, investment arm of the Government of China. The Bank of China 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 Bank of China is spread across 50 countries out of which, nineteen are located across Chinese “One Belt One Road” initiative.”

The Bank of China is the second Chinese bank, which entered in Pakistan. The Bank of China’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.

In Pakistan, the Bank of China aims to provide specialized banking services to serve the financing needs of China Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platform.