10/26/2017 Bank of China all set to open its branch in Karachi - PakObserver

Bank of China all set to open its branch in Karachi

Observer Report

Beijing

Bank of China is all set to open its branch in Karachi soon and gradually expand its network to other cities of
the country.
Finance Minister Senator Muhammad Ishaq Dar Saturday held a meeting with Bank of China President Tian
Gouli at its headquarters here and conveyed the official approval in this regard, according to a statement
issued by the Finance Ministry.
It may be added that Chairman Gouli in his last visit to Pakistan had expressed the desire for launching
banking operations in Pakistan and sought SBP’s permission. The Finance Minister in the meeting conveyed
official approval/permit from the State Bank of Pakistan (SBP).
Ishaq Dar welcomed the decision by Bank of China to commence their banking operations in Pakistan.
He also extended invitation to Tian Gouli to visit Pakistan and himself inaugurate the first branch of the
Bank of China in Karachi, adding the event would be held soon.

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10/26/2017 Bank of China all set to open its branch in Karachi - PakObserver

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, 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.
Tian also thanked Minister Dar for conveying him the permission for setting up the Bank of China Branch in
Pakistan. Meanwhile, a statement from the State Bank of Pakistan (SBP) said, a banking licence has been
issued to the Bank of China.
According to the statement, the bank will commence its business in branch mode after meeting other
regulatory requirements.
It said that the Bank of China is a subsidiary of China Central Huijin, investment arm of the Government of
China.
The Bank of China is not only operating in the Chinese main land, but its footprints have reached to 50
countries. Nineteen of those countries are located across Chinese ‘One Belt One Road’ initiative.
At the end of 2015, the Bank had a total of 11,633 institutions including 644 in overseas markets.
The Bank of China is the 4th and 5th largest global bank in terms of Tier-1 Capital and total Assets
respectively. It is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
The bank will initially bring US$ 50 million to fulfill the Minimum Capital Requirements of SBP. The long
term objective of the Bank of China is to increase its market penetration by opening branches in major cities
of Pakistan aiming to be one of the largest foreign banks in Pakistan.
The Bank of China aims to provide differential and specialized 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 Bank of China is the second Chinese bank entering in Pakistan and that its entry into Pakistan
represents growing confidence of international investors on the country’s banking sector and stable
economic outlook.

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