ISLAMABAD: State Bank of Pakistan (SBP) on Saturday granted Bank of China a licence to operate in the country to ease the financial requirements of Chinese-led “Belt and Road” projects.
“The Bank of China aims to provide differential and specialised 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 central bank said in a statement.
The statement outlined the Bank of China’s ambitions to become one of Pakistan’s leading financial institutions by opening branches in major cities across the country.
It said the Bank of China will first bring in $50 million to meet minimum capital requirements.
First Branch in Karachi
Bank of China will open its branch in Karachi soon and gradually expand its network to other cities.
Finance Minister, Senator Muhammad Ishaq Dar while meeting Mr. Tian Gouli at the Bank of China headquarters here on Saturday, conveyed the official approval in this regard.
Minister Dar welcomed the decision by Bank of China to commence their banking operations in Pakistan. He also extended invitation to Mr. Tian Gouli to visit Pakistan and himself inaugurate the first branch of the Bank of China in Karachi. The event, it may be added would be held soon.
The Finance Minister was extended a warm welcome on arrival at the Bank of China headquarters by Li Gouli and other senior officials.
During the meeting Mr. Tian Gouli and members of his team highly praised the economic turnaround and stability achieved by Pakistan and expressed appreciation that the economic indicators were moving in the right direction. Mr. Tian also thanked Minister Dar for conveying him the permission for setting up the Bank of China Branch in Pakistan.