State Bank grants Bank of China approval to start banking in Pakistan

Bank of China Pakistan

Bank of China in Pakistan

State bank of Pakistan has granted permissions and allowed bank of China to start banking services in Pakistan from today.

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. Branchs will be open in pakistan largest cities Karachi, Lahore, Islamabad, Gawadar, Multan and on the bank of cities where CPEC road will touch all over Pakistan. The China bank has been given status of the scheduled bank after it matched with the essential codes and operational requirements of the SBP.

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“The SBP, in the 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.

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Business of Bank of China Limited is the 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.

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