According to the Chairman of Gwadar Port Authority, Dostain Khan Jamaldini, China is set to open a branch of The Bank of China in Gwadar along with the other national and international banks.
Chairman Jamaldini met the president of the Summit Bank, Zaheer Esmail, in a meeting held in Gwadar on Thursday. He said that with the Gwadar Deep Seaport becoming operational, many of the commercial banks of the country have been attracted to Gwadar and want to expand their businesses by opening branches here.
The Bank of China will soon start operating in the port city. It is to be noted that banking license had already been received by the Bank of China from the State Bank of Pakistan (SBP).
“Business and trade activities will flourish in Gwadar with the opening of branches of different national and international banks.”
Mr Jamaldini said that Gwadar Port Oversees and Port Holding had allowed two branches to open in Gwadar and one of them is of the Bank of China.
Talking about the Gwadar Free Zone, he told that the construction work is going on with rapid pace as Pakistani and Chinese workers are working on it in three shifts to get the construction work done in the next couple of months.
He said that the International Expo Center will be inaugurated by the Prime Minister Shahid Khaqan Abbasi along with a few Chinese ministers with over 100 Chinese companies participating in it.
Mr Esmail briefed Mr Jamaldini about the expected merger of the Summit Bank and the Sind Bank which will make the Summit Bank, second biggest bank of the country.
He said that locals will also take part in the development of Gwadar for which the establishment of the Fish Processing Company is being established. Summit bank will be offering loans to the government employees and the businessmen.