Bank of China permitted to start operations in Pakistan

KARACHI: The State Bank of Pakistan (SBP) has allowed Bank of China Limited to commence its banking business in the country, a statement said on Monday.

The SBP had issued a banking license to Bank of China in May 2017. The bank has complied with the important regulatory and operational requirements of the SBP necessary to commence banking business in Pakistan.   

The Bank of China is a subsidiary of China Central Huijin, investment arm of the government of China. It 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.  

Bank of China is the second Chinese bank to enter Pakistan. Its entry will not only further strengthen the bilateral relationship of Pakistan and China, but will also represent growing confidence of international investors on the country’s banking sector and the stable economic outlook. In Pakistan, the Bank of China aims to provide specialised banking services to serve the financing needs of China-Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platform.