Central bank grants Bank of China approval to start banking in Pakistan
ISLAMABAD: The State Bank of Pakistan (SBP) on Monday granted Bank of China Limited approval for commencement of banking business in Pakistan.
Earlier, the central bank had issued banking license to the China bank in 2017.
“The SBP, in exercise of the powers conferred on it by clause (a) of Sub-Section (2) of Section 37 of the SBP Act, 1956, is pleased to declare ‘Bank of China Limited’ as a scheduled bank with effect from September 18, 2017,” a notification stated.
The China bank has been given status of scheduled bank after it matched with the essential codes and operational requirements of the SBP.
Business of Bank of China Limited is second bank of China to enter Pakistan markets. It is spread to 50 countries in the world, 19 out of the 50 countries lie on the route of China’s One Belt One Road initiative.
This bank will offer specialized banking services to fulfill financing needs of China Pakistan Economic Corridor (CPEC)’s projects.