State Bank of Pakistan (SBP) has given out a banking license to the Bank of China. The bank will inaugurate its business in outlet mode after meeting with other supervisory necessities. The bank will at first bring US$ 50 million to achieve the Minimum Capital Supplies of SBP. The long term impartial of the Bank of China is towards upturn its market penetration by opening branches in main cities of Pakistan. The Bank of China is pointing to be one of the biggest foreign banks in Pakistan.
Chinese bank in Pakistan
It will be the second Chinese bank in Pakistan functioning as commercial and Industrial; Bank of China (ICBC) has been serviceable since 2015 with its foremost operations in the major cities. The Bank of China is a subordinate of China Central Huijin, the investment arm of the Government of China.
The Bank of China is not just functioning in the Chinese central land. However, its paths have grasped 50 foreign countries. Nineteen of those countries are placed across Chinese “One Belt One Road” resourcefulness. In the last part of 2015, the Bank had a total of 11,633 institutions together with 644 in out of the country markets. The Bank of China is the 4th and 5th leading global bank regarding Tier-1 Capital and over-all Properties respectively. It is recorded on the Shanghai Stock Exchange as well as the Hong Kong Stock Exchange.
The Bank of China intended to provide variance and dedicated banking services to efficiently work for the financing requirements of China-Pakistan Economic Corridor (CPEC); related plans by leveraging proceeding its experience besides global technology platform. The entrance of Banking License of China keen on Pakistan signifies growing confidence of foreign stockholders on the country’s banking sector. Also stable economic outlook. Habib Bank Limited (HBL) of Pakistan is also functioning to set up its outlet in China. The National Bank of Pakistan (NBP), however, is to come for getting a license to arrange its branch in China.