Bank of China makes its way into Pakistan with $50 million investment
ISLAMABAD - State Bank of Pakistan (SBP) has issued a banking licence to the Bank of China (BoC). The bank will commence its business in branch mode after meeting other regulatory requirements.
The BoC is a subsidiary of China Central Huijin, investment arm of the Government of China. The BoC is not only operating in the Chinese main land, but its footprints have reached to 50 countries. Nineteen of those countries are located across Chinese “One Belt One Road” initiative, according to a handout released by SBP on Saturday.
At the end of 2015, the Bank had a total of 11,633 institutions including 644 in overseas markets. The Bank of China is the 4th and 5th largest global bank in terms of Tier-1 Capital and total Assets respectively. It is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
The bank will initially bring US$ 50 million to fulfill the minimum capital Requirements of SBP. The long term objective of the Bank of China is to increase its market penetration by opening branches in major cities of Pakistan aiming to be one of the largest foreign banks in Pakistan.
The BoC aims to provide differential and specialized banking services to effectively serve the financing needs of China Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platform.
The Bank of China is the second Chinese bank entering in Pakistan. The Bank of China’s entry into Pakistan represents growing confidence of international investors on the country’s banking sector and stable economic outlook.
- Shaheen Al Jazeera 2019: Navies of Pakistan, Bahrain conclude ...10:36 PM | 17 Nov, 2019
- Pakistan felicitates new Sri Lankan president09:22 PM | 17 Nov, 2019
- Sleep Expo Middle East announces first-ever industry award07:48 PM | 17 Nov, 2019
- Shahzain Bugti takes early lead in NA-259 re-polling, show initial ...07:10 PM | 17 Nov, 2019
- AIOU sets up nine new offices at less-developed regions06:47 PM | 17 Nov, 2019
- I was hypersexualised as a teenager in Hollywood: Scarlett Johansson03:10 PM | 16 Nov, 2019
- Mira Sethi marries childhood friend02:42 PM | 16 Nov, 2019
- Here's how fans have reacted to Hamza Ali Abbasi's decision to quit ...02:07 PM | 16 Nov, 2019
- Azadi March: Chaudhry brothers active for compromise talks as Fazl ...12:08 AM | 5 Nov, 2019
- 8 Reasons to buy HONOR 8 Series04:49 PM | 23 Oct, 2019
- Meet members of Pakistan’s first-ever National Youth Council05:05 PM | 1 Jul, 2019
- Google releases the list of most popular Pakistani YouTube Ads of 201803:31 PM | 25 Jan, 2019