State Bank of Pakistan (SBP) has allowed the Bank of China Limited to commence its banking business in Pakistan under the scope of work with respect to its license.
The decision was taken as the Bank of China Limited complied with all the important regulatory and operational requirements of SBP necessary to commence banking business in Pakistan.
Earlier, SBP had issued a banking license to the bank in the month of May 2017.
The Bank of China is a subsidiary of China Central Huijin, the 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 the Chinese “One Belt One Road” initiative.
The Bank of China is the second Chinese bank, which entered Pakistan. The Bank of China’s entry into Pakistan will not only further strengthen the bilateral relationship of Pakistan and China but also represents the growing confidence of international investors on the country’s banking sector and its 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.