State Bank of Pakistan (SBP) had issued a banking license to the Bank of China in the month of May 2017. Now yesterday after a detailed review for state bank compliance State Bank of Pakistan has allowed Bank of China to start its operations in Pakistan. The Bank of China has complied with important regulatory and operational requirements of the SBP necessary to commence banking business in Pakistan.
Bank of China is a subsidiary of China Central Huijin, investment arm of the Government of China. It is the 4th and 5th largest global bank in terms of Tier-1 Capital and total Assets.
Bank of China is listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange. Bank business and branch network is spread globally across more than 50 countries out of which, nineteen are located across the Chinese One Belt One Road initiative.
According to SBP, the Bank of China Ltd 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 of China 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.