Lahore (Web Desk): State Bank of Pakistan (SBP) has reportedly allowed Bank of China Ltd to start banking business in Pakistan.
Earlier SBP issued a banking license of a Chinese bank in May 2017 and now this is the second Chinese bank to enter in Pakistan.
A press release revealed on Monday, the ‘Bank of China Limited’ has completed the regulatory requirements of SBP that were necessary to commence banking business in Pakistan. The bank is a subsidiary of ‘China Central Huijin,’ the investment arm of the government of China.
‘Bank of China’ is a state-owned bank in China, it is the 4th largest bank in the world in terms of Tier-1 capital and the 5th largest bank in the world in terms of total assets.
The bank is already enlisted on Shanghai Stock Exchange and Hong Kong Stock Exchange, the bank has footprints in 50 countries globally.
SBP revealed that the ‘Bank of China’ will strengthen the bilateral relationship between China and Pakistan. It will also boost the confidence of international investors in the country’s banking sector and stable economic outlook.
The bank will provide specialized banking services in Pakistan in order to fuel financial needs of CPEC related projects using its global banking experience and strong technology platform.