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Banking

Bank of China operations will strengthen bilateral banking relations, says CM Sindh

KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Friday said that Bank of China will play its role not only in the economic development of Pakistan, but also be a catalyst in further strengthening bilateral trade and banking relationships. Addressing a gathering organised by Bank of China in celebration of their operations in Pakistan which commenced on November 7 with the opening of the first branch in Karachi, the chief minister said he hoped this will cement ties in the fields of banking and finance between the two…

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…

Banks paid $321 billion in fines since financial crisis: BCG

BOSTON: Banks across the world have paid about $321 billion in fines since the 2007-2008 financial crisis as regulators stepped up scrutiny, according to a note by the Boston Consulting Group. Almost ten years since the financial crisis, the banking industry has not completely recovered, BCG said in an industry report. North American banks accounted for nearly 63 percent of the total fines, or about $204 billion, during 2009-2016, the consultancy firm said. While U.S. regulators have been more effective in imposing…

Fitch affirms Pakistan in B category with stable outlook

ISLAMABAD: Fitch Ratings has affirmed Pakistan's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B' with Stable Outlooks. The issue ratings on Pakistan's senior unsecured foreign- and local-currency bonds, Country Ceiling as well as the Short-Term Local- and Foreign-Currency IDRs and are also affirmed at 'B'. Pakistan's ratings balance broad gains achieved over the International Monetary Fund (IMF) programme against a high public debt/GDP ratio, low scores on the World Bank governance indicators…