State Bank of Pakistan (SBP) has allowed the Bank of China Limited to begin the banking business in Pakistan after the license.

After the Bank of China complied with the necessary important regulatory and operational requirements of SBP to commence banking business in Pakistan. In the month of May 2017, a banking license has been issued by SBP to a subsidiary bank of China Central Huijin.

This is great news for Pakistan as The Bank of China is the 4th and 5th largest global bank in terms of Tier 1 Capital and total Assets respectively. The bank is listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange.

Being an international company, the Bank of China is doing business in 50 countries out of which nineteen are located across the Chinese initiative “One Belt One Road”.

After International and Commercial Bank of China, The Bank of China is the second Chinese bank, which entered Pakistan. The opening of the new bank in Pakistan will strengthen the relationship between the two countries and increase the confidence of international investors.

The Bank of China aims to provide specialized banking services in order to meet the financing needs of China Pakistan Economic Corridor (CPEC) related projects.

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