HBL opens branch in China

KARACHI: Habib Bank Limited (HBL) has become first bank of Pakistan to receive a licence for setting up a branch in China.

The bank is also the first South Asian bank to get permission to set up banking operation in Urumqi, the largest city in the province of Xinjiang, a statement said on Monday.

The Chinese province 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 statement added. 

To mark this achievement the bank held an event at the office of CBRC Xinjiang in Urumqi.

On the occasion HBL chairman Sultan Ali Alana said: “The granting of license to the bank and reflection of the banks’ regional and global standing.” 

“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,” the chairman said.