President Mamnoon Hussain, at a ceremony in Aiwan-e-Saddar in Islamabad on Tuesday, officially inaugurated the Bank of China’s operations in Pakistan.
Bank of China (BoC) was allowed to commence banking business in the Pakistan on September 19 2017. This is the second Chinese bank which has been allowed to operate in Pakistan. Thee State Bank of Pakistan had issued a license to BoC in May 2017.
The Industrial and Commercial Bank of China (ICBC) had already opened two of its branches in Karachi and Islamabad by 2011 and was providing various services including corporate finance, investment banking, foreign deposits, project loans, and working capital loans.
In Pakistan, the BoC 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.
The BoC is a subsidiary of China Central Huijin, the investment arm of the Government of China.
The BoC 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.
President Mamnoon Hussain while addressing the opening ceremony has expressed confidence that Bank of China operations in Pakistan would help accelerate infrastructure development and overall economic growth of the country.
Pakistan is an attractive investment destination because of business friendly policies of the country and its an ideal location, he added.
Mamnoon Hussain termed that, in this backdrop, there are bright prospects for Bank of China to play its due role in promoting business activities and provide resources for developmental activities in different sectors.
He held out an assurance to Bank of China that it will get every possible cooperation from the Government of Pakistan and the State Bank in its endeavors.
The President said that with the inauguration of Bank of China operations in Pakistan, the joint dream of Pakistan and China to change their own destiny and that of the region has come closer to reality.
Mamnoon Hussain said that apart from conducive atmosphere for investors, Pakistan also offers a wide consumer market.