Islamabad: The State Bank of Pakistan (SBP) has issued a banking license to the Bank of China to operate in Pakistan. The bank will soon commence its business in branch mode after meeting other regulatory requirements as per the SBP standards.
The Bank of China is one of the largest Banks of China and operates globally in almost 50 countries. It is to mention here that this bank is a subsidiary of China Central Huijin, the investment arm of the Government Republic of China.
Its inclusion in Pakistani banking sector represents the growing confidence of international investors in banking sector and emerging ecnomic uplift of pakistan regarding the CEPC.The CPEC is a core component of visionary initiative of the One-Belt-One-Road project.
The long term objective of Bank of China is to increase its market penetration by opening branches in major cities of Pakistan while aiming to be one of the largest foreign banks in the country. The bank aims to provide differential and specialised banking services to effectively serve financing needs of the China-Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platforms.