Habib Bank Limited will set up its branch in China as it has received a license for setting up a branch in China. HBL is likely to be the first Pakistani bank to have branch in China though UBL has one representative office with limited operations.
According to official statement, UBL is also the first South Asian bank to get the permission to set up its banking operations in Urumqi, the largest city in the province of Xinjiang, which borders Pakistan along the traditional Silk Route. Urumqi is a growing commercial and trade center and the regional hub for the Belt and Road Initiative in Central Asia.
The operation in China will be 30th foreign branch of HBL having the largest overseas banking network in Pakistan. Besides, HBL has branches in countries such as Afghanistan, Bahrain, Bangladesh, Belgium, France, Hong Kong, Kenya, Lebanon, Maldives, Mauritius, Netherlands, Oman, UAE and etc,.
Chairman HBL, Sultan Ali Allana said HBL Urumqi branch will be a cornerstone of CPEC, which will not only contribute to trade and commerce between the two countries, but will also become a conduit of progress and development for the region and its people in times to come.”
With the opening of the China branch, HBL will be the only bank to have a footprint in North West China, Central Asia, Southeast Asia and East Africa, and will be positioned to promote trade and investment between these geographical regions, as well as China and Pakistan.
HBL is the largest bank in Pakistan with over 1,700 branches, 1,900 ATMs, and a customer base exceeding eight and a half million.